General Atlantic closes inaugural climate solutions fund
General Atlantic, a global growth equity firm, announced the final close of its inaugural BeyondNetZero fund. Following the fund’s close, General Atlantic has a total of approximately $3.5 billion in capital to invest in climate solutions.
BeyondNetZero’s first fund brings together capital from several strategic investors, sovereign wealth funds, family offices, multinational corporations and global institutional investors. The BeyondNetZero fund is structured as a companion fund investing in climate growth equity companies alongside General Atlantic’s core global growth equity programme. General Atlantic’s core programme will generally contribute 25% of capital to each climate investment that meets this mandate.
“We believe strongly in the power of technology to accelerate the transition to net zero,” said Bill Ford, chairman and chief executive officer of General Atlantic. “We look forward to supporting passionate entrepreneurs who are delivering innovative climate solutions while creating durable growth businesses.”
“We are encouraged and energised to see the strong investor demand for our growth equity investment strategy focused on climate solutions,” added Graves Tompkins, global head of capital partnering at General Atlantic. “We are grateful for our partnerships with family, institutional and corporate investors who share our commitment to addressing climate change. As we continue to invest in high-quality climate companies, we look forward to bringing key insights to bear for General Atlantic’s broader portfolio and investor community.”
Since the fund’s launch, the BeyondNetZero team has focused on identifying innovative growth companies with the potential to meet and exceed net zero emissions targets. BeyondNetZero has deployed $826 million in five companies. These investments include:
– 80 Acres Farms, a sustainable vertical farming company.
– RoadRunner Recycling, a technology-enabled marketplace for commercial recycling and waste removal.
– o9 Solutions, a SaaS provider that helps companies streamline their supply chains, improving efficiencies and reducing carbon footprints across industry verticals.
– Sun King, the largest provider of solar energy products for off-grid homes in Africa and Asia.
– EcoVadis, a provider of globally trusted business sustainability ratings.
BeyondNetZero has chosen to operate as an Article 9 Fund, defined under the EU’s Sustainable Finance Disclosure Regulation as “a fund that has sustainable investment… or a reduction in carbon emissions as its objective”.