Fundraising

Both firms announced first closes on Tuesday for market-leading fundraises focused on investments that will address the climate crisis.

The State of New Jersey Division of Investment will commit $200m to TPG Rise Climate.

The energy transition-focused fund manager has deployed roughly 60% of Infragreen IV and plans to launch Fund V, for which it will link carried interest to ESG objectives, next spring.

The renewable energy investor has smashed its €800m target and is looking at new countries and sub-sectors with Fund IV.

Generate Capital is structured as a corporate rather than a fund, but the investors behind the capital raise include many significant private markets players.

The private equity firm is investing in companies 'uniquely positioned' to grow quickly by providing climate change solutions.

New VC manager Eka Ventures has raised £68m for its debut fund for UK start-ups in sustainability, healthcare and the inclusive economy. Eka’s founders say this is the ‘largest impact-driven early stage venture capital fund focused on the UK’.

The growth in wider energy-transition strategies introduces an interesting new dynamic to renewable and clean energy investment.

Vortex Energy IV, which is targeting $700m, is looking to invest across the energy transition spectrum in Europe, North America and Australia.

The fund will follow a growth equity strategy targeting European, Latin American and Indian companies focused on 'impact themes of people, planet and productivity’.