In brief: Former Skandia CEO raises €150m for climate VC debut

Morten Halborg has founded Climentum Capital, a venture capital fund to ‘mobilise institutional capital’.

Morten Halborg, chief executive of Sweden’s Skandia Mutual Life Insurance Company between 2014 and 2019, has set up a climate-focused venture capital fund that has reached a first close on €150 million.

Climentum Capital seeks to “mobilise institutional capital [towards] early-stage, highly-scalable European green innovation”, Halborg said in a statement seen by New Private Markets. The fund, designated Article 9, is linking carried interest to climate impact targets, but did not disclose how much carry this applies to. It expects to announce a final close this year.

Halborg’s co-founders are Yoann Berno, Dörte Hirschberg, Stefan Maard and an unnamed fifth partner. Halborg was COO at Skandia from 2010 to 2014 and CIO from 2007 to 2009.