Wellington Management announced on Wednesday that it has closed a climate-focused investment fund with $385 million in commitments.
The fund, titled Climate Innovation I, is the firm’s first fund focused on investing in private companies mitigating climate change, a spokesperson for the firm told CIO. The firm plans for CIF I to invest in late-venture and early-stage growth companies that are developing software and other tech-enabled solutions, such as AI, data and analytics across multiple industries.
Wellington plans for the fund to invest in companies developing solutions to mitigate the effects of climate change within the energy transition, sustainable buildings, transportation, industrial automation, enterprise digitalization, consumer, and agricultural industries.
“For many years, climate solutions required trade-offs, but recent improvements and cost declines in technology around software, hardware, analytics, and connectivity mean today’s solutions are delivering meaningful cost savings and superior user experiences for businesses and consumers,” said Greg Wasserman, head of private climate investing at Wellington, in a press release.
CIF I is Wellington’s fourth venture investment fund and part of the firm’s $8.5 billion private investing group, which makes venture capital and private credit investments across many industries. Limited partners in CIF I include a number of allocators, such as sovereign wealth funds and insurers.
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Tags: Climate Innovation I, energy transition, Greg Wasserman, Wellington, Wellington Management
