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The firm is linking 20% of its carried interest to impact KPIs; if these are not met, then unearned carry will be donated to a non-profit.
The firm has done its first adaptation deal and expects to do more, according to general partner David Frykman.
Ambienta is in market with Sustainable Credit Opportunities, an Article 9 impact fund with a €500 million target.
Middle Eastern institutions have been committing billions of dollars to climate funds: ALTÉRRA has committed $6bn to funds managed by TPG, BlackRock and Brookfield, while Investcorp's decarbonisation fund is anchored by Bahrain's Mumtalakat.
The investor's climate opportunities programme is headed up by Imraan Mohammed, who spoke at New Private Markets' Impact Investor Global Summit on Tuesday.
(L-R) Rhys Davies, Kirkland & Ellis; Paula Langton, Campbell Lutyens; Peter Cashion, CalPERS; Carlotta Saporito, JPMorgan; Claudia Kruse, APG; Nancy Curtin, ALTi Tiedemann Global
CalPERS has a $100bn allocation to climate solutions – and is looking at its existing investment partners for climate-related opportunities – while APG has a domestic Dutch programme for transitioning local businesses.
The firm is raising $500m for the fund, which has both an impact hurdle and a financial hurdle.
Brookfield president Connor Teskey sounded resoundingly positive notes about fundraising for the firm's various strategies, including its two climate funds in market.
The landmark deal is the first between an asset manager and a tech giant, and it has ‘potential to expand’, according to Brookfield Renewable’s US CEO, Stephen Gallagher.
There is substantial appetite for impact among smaller, regional European pension funds, according to Zebra Impact Ventures co-founder Fabio Sofia.

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