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Al Gore's generation raises US$1b for latest private equity fund
[LONDON] Sustainable investment specialist Generation Investment Management, co-founded by former US Vice President Al Gore, has raised US$1 billion for its latest private equity fund, it said on Tuesday.
The third and largest of its similar funds, Generation IM Sustainable Solutions Fund III will look to invest between US$50 million and US$150 million each in companies helping the health of the planet or individuals, or those driving financial inclusion.
"We believe that we are at the early stages of a technology-led sustainability revolution, which has the scale of the industrial revolution, and the pace of the digital revolution," Mr Gore said in a statement.
Demand to invest in a sustainable manner is growing, particularly in Europe, even if the definition of what this means can vary - something regulators in Europe are looking to address.
For Generation, target companies would provide "goods and services consistent with a low-carbon, prosperous, equitable, healthy and safe society".
Of the money raised, US$93 million came from wealth management clients of Swiss investment bank UBS, which said in a separate statement its clients were increasingly looking to invest more money into such funds.
Established in 2004 and headquartered in London, Generation IM manages around US$22 billion in assets and is focused on sustainable investments across both public and private markets.