Generation IM, the sustainability-focused investor co-founded by former Vice President Al Gore and former head of Goldman Sachs Asset Management David Flood, has raised $1.5 billion for a climate assets fund.  

The fundraise is the debut offering from its subsidiary Just Climate, which was seeking $1 billion for the vehicle. 

Investors in Climate Assets Fund I include California State Teachers’ Retirement System, Canada’s PSP Investments, Swedish pension funds AP4 and AP2, Australia’s Colonial First State Investments, and Chicago-based impact investor Builders Asset Management. 

Launched in 2021, Just Climate is targeting industries that are responsible for the highest carbon emissions and those that pose the biggest challenges in emissions reductions, including energy, mobility, industry and buildings. 

“We start with climate impact, identify solutions that will make the biggest difference, and then direct and scale institutional capital to those solutions that we believe can generate attractive risk-adjusted returns,” said Just Climate senior partner Clara Barby. 

The fund’s founding investor group includes Microsoft’s Climate Innovation Fund, which anchored the vehicle, IMAS Foundation, Ireland Strategic Investment Fund, Harvard Management Company, the Imprint Group of Goldman Sachs and Hall Capital Partners. 

Generation IM, which was launched in 2004, has more than $42 billion of assets under management. 

Meet industry experts like Greenrock Research Founder & President Kevin Malone by joining us at the Connect Money: Alternative Assets Conference on June 14 in Chicago at the W City Center.