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Gore’s Generation Investment Management closes Climate Solutions Fund

Generation Investment Management, the London-based fund management business chaired by former US vice-president and Nobel Prize winner Al Gore and dedicated to investment in environmentall

Generation Investment Management, the London-based fund management business chaired by former US vice-president and Nobel Prize winner Al Gore and dedicated to investment in environmentally sustainable technology, has closed its Climate Solutions Fund with USD683m.

The Climate Solutions Fund is a crossover fund that will invest in a range of private and public companies offering an enduring capability to create value and sustain a competitive advantage by being part of the solution to the climate crisis.

The Climate Solutions Fund, which has been raised purely from Generation’s existing investor base, aims to generate significant long-term returns by investing in areas where the firm’s proprietary research provides significant insight including renewable energy, building efficiency, cleaner fossil energy, sustainable agriculture and carbon markets.

‘Generation believes that sustainable development that addresses the climate crisis will be a significant driver of industrial and economic development over the coming decades,’ says managing partner David Blood. ‘However, there is clearly a significant gap between the capital needed and the capital currently deployed to create enduring solutions to the climate crisis.

‘As a result, investing in scalable solutions is now critical and our Climate Solutions Fund intends to do just that. I am particularly pleased that we have succeeded in raising this fund from existing clients, which represents an endorsement of our research-driven approach, as well as our performance.’

Generation will seek to serve as an active shareholder in companies in which the fund invests, providing insight and perspectives to assist companies in shaping and implementing their strategic direction. Where appropriate, Generation representatives will serve on the boards of portfolio companies.

Last November Generation announced a collaboration with leading Silicon Valley venture capital firm Kleiner Perkins Caufield & Byers, which includes the sharing of insights into relevant markets, technology and scientific advances, the referral of investment opportunities and the sharing of due diligence efforts.

John Doerr, a Kleiner Perkins partner (as is Gore) and a member of Generation’s advisory board, says: ‘Solving the climate crisis is the most critical problem facing the world today and it will require strong alliances to find, fund and develop the technology required. Our collaboration with Generation is already uncovering opportunities that we believe will play a major role in addressing the challenges of climate change.’

Generation is an independent owner-managed partnership established in 2004 with offices in London and Washington, DC. Alongside its environmental aspirations, the firm aims to buy high-quality companies at attractive prices that will deliver superior long-term investment returns. In addition to the Climate Solutions Fund, Generation manages a concentrated long-only global equity strategy.

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