Climate-focused investor TRIREC hits US$66 million for fund’s first close

TRIREC, a Singapore-based investment firm, has raised US$66 million for the first close of its decarbonisation fund, TRIREC Venture I.

TRIREC said it secured the capital commitments within 4 months and raised the fund’s cap from US$75 million to US$100 million following better-than-expected demand.

The first close, secured from family offices and institutional investors, was in August, and the firm expects to hold a final close by the first half of 2023.

TRIREC was founded in 2015 by former investment bankers Lawrence Wu and Melvyn Yeo. It invests in early-stage companies tackling the impacts of climate change and has backed 18 businesses to date.

With the recent fundraise, the firm manages more than US$120 million across 2 pools of capital.

TRIREC Venture I focuses on decarbonisation in the areas of electricity and power generation, mobility and transportation, food and agriculture, buildings and industries. The fund invests globally and typically joins pre-Series A to Series B rounds.

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It has backed 12 portfolio companies including Xpansiv, which offers a global market for ESG (environmental, social and governance) inclusive commodities; Aether Diamonds, which makes diamonds from air; battery rejuvenation technology startup Green Li-ion; and Ekona Power, which focuses on breakthrough turquoise hydrogen technology.