Climate

Tenzin Seldon explains how she convinced LPs like Beneficient, Pivotal Foundation and the Pritzker family to back a first-time climate fund from a solo GP.

As large infrastructure funds siphon capital from early-stage climate-focused venture managers, more of the latter are turning to European LPs.

LPs committing to the new ocean-focused fund include Finnish family owned investment company Aboa Advest, US multifamily office Adamo Capital and Swiss investment holding company ARGOng Investment AG.

The climate investor coalition relied on family offices to get the first fund over the line, but will be 'very much more focused' on institutional investors for Fund II, says so-founder Stan Miranda

The climate investment coalition raises $133m and adds a UK-based family office as a new member.

LPs include IFC, FASA, Shell Foundation, Trafigura Foundation, Speedinvest, Blink Impact, FSD Africa and Cisco Foundation.

Institutional investors need to broaden their thinking on nature-based solutions to find opportunities to match their risk profiles and scale.

Anders Bendsen Spohr of Novo Holdings describes the need for various groups of investors to collaborate to fill an urgent funding gap.

The San Francisco-based venture firm invests in AI, mental health technology and impact-related companies.

An evolving policy backdrop has led to a pullback of federal support for climate innovation, and a volatile macroeconomic picture has seen LPs shift from risky early-stage bets to instead back more stable companies.