GEF Capital Closes $325M Climate Solutions Fund
GEF Capital Partners, a Washington, D.C.-based private equity firm focused on climate change and pollution mitigation, has closed GEF U.S. Climate Solutions Fund II with $325 million, exceeding its $250 million target.
The fund will make control investments in lower middle-market companies in the U.S. and Canada. Investors in the fund include climate change focused firms such as Blue Earth Capital, HQ Capital, ODDO BHF, INGKA Investments, GEM Investments, Första AP-fonden, Quilvest Capital Partners, Granite Capital Management, and Nordea.
“We look forward to working with these investors to channel capital into companies providing innovative and cost-saving solutions for their customers to decarbonize and transition towards less expensive forms of renewable energy, as well as to find ways to maximize resource efficiency through the circular economy,” said Daniel Prawda, co-founder and managing partner of GEF Capital.
The Arlington, VA-based firm also announced Eric Townsend and Radha Badani as operating partners to its U.S. investment team.
Townsend previously served for 15 years as CEO of Bluesource, an environmental attribute project developer and market maker which raised and deployed over $2 billion into greenhouse gas remediation projects, conservation and credit generation. Bluesource was a portfolio investment made by the GEF Capital U.S. Climate Solutions Fund I in 2018. The company was exited to the TPG-Rise Climate Fund in 2022.
Badani brings over 20 years of marketing expertise to GEF Capital. She previously managed flagship and new-to-market brands at the Clorox Company, led strategy and global insights at New Balance, and developed brand and marketing strategies for a variety of growth companies as a partner and consultant at Chameleon Collective.
GEF Capital has already completed six platform investments.
FirstPoint Equity acted as lead placement agent to GEF Capital. Additional placement agent services were provided by Asante Capital, TritonLake and Impactus Partners. Latham & Watkins LLP served as legal counsel in the formation of the fund.