In brief: Wellington closes Climate Innovation Fund on $385m

Wellington Management has closed its first climate private equity fund on $385 million. The Climate Innovation Fund is a late-venture and early-growth strategy, according to an announcement from the firm.

The vehicle gathered commitments from investors such as the New Zealand Superannuation Fund, which committed $100 million, Norwegian firm Laerdal Invest and Venture Ontario, an investment vehicle funded by the Canadian province’s government.

CIF will invest in software, software-enabled hardware, sensors, AI, and data and analytics companies, addressing themes such as the energy transition, sustainable buildings and cities, transportation and mobility, industrial automation, enterprise digitalisation, sustainable consumer goods and food, and agriculture innovation.

Wellington, headquartered in Boston, manages assets totalling more than $1 trillion, primarily within listed markets; its private markets business has an $8.5 billion AUM, according to the announcement.