In brief: Oregon backs Union Square Ventures’ sophomore climate fund

USV 2022 Climate is targeting $200m for climate change mitigation and adaptation.

Oregon State Treasury has committed “up to $20 million” to Union Square Ventures’ second climate fund – the latest investment in an 18-year LP-GP relationship – the state pension fund’s investment council announced in a meeting last week. USV 2022 Climate launched this year with a $200 million target to invest in climate change mitigation and adaptation. The fund is a successor to the 2020-vintage USV Climate Fund, which raised $156 million from investors including Oregon and Massachusetts Pension Reserves Investment Management Board.

Oregon – with assets worth $97 billion – has maintained a relationship with Union Square Ventures since the venture firm was founded in 2004, investing in 12 of Union Square Ventures’ 15 blind pool funds, according to affiliate publication Private Equity International’s database.