General Atlantic Raises $3.5B for Inaugural Climate-Focused Fund
Growth equity firm General Atlantic closed its inaugural climate-focused fund BeyondNetZero, raising $3.5bn for its latest strategy.
The new fund, which launched in July 2021, includes $2.6 billion from several strategic investors, sovereign wealth funds, family offices, multinational corporations and global institutions, and about $900 million from other General Atlantic-managed funds.
The BeyondNetZero fund is structured as a companion fund investing in climate growth equity companies alongside General Atlantic’s core global growth equity program. General Atlantic’s core program will generally contribute 25% of its 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.”
BeyondNetZero has deployed $826 million in various climate-focused companies since its inception, including 80 Acres Farms, Roadrunner Recycling and Sun King
Established in 1980, General Atlantic has over $73 in assets as of the end of September.