US family offices form syndicate to fund climate change solutions

New York

ROB Day wants to invest hundreds of millions of dollars in clean technology on behalf of a wealthy family without relying on Silicon Valley.

That's why his firm co-founded Cleantech Syndicate in 2010, a network of like-minded family offices, to find deals and share ideas. It's expanded to a dozen families who've invested about US$1.2 billion. That's not enough for Mr Day and the syndicate, who want to spend an additional US$1.4 billion in the next five years on alternative energy.

To reach their target, Mr Day's group is merging with the CREO Network - whose participants include billionaire Jeff Skoll's investment firm and the foundation of money manager Jeremy Grantham. The combined organisation, dubbed the CREO Syndicate, will have 100 participants representing more than US$80 billion of investable capital, according to a statement on Tuesday. Members are scheduled to attend an event at the White House in Washington on Tuesday to promote climate change so…