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.

SEE ALSO

ESG investing: Asia more focused on real-world impact, while Europe is ticking boxes

THE BUSINESS TIMES INSIGHTS

Powering Asean's Future 2026

Find out how enterprises are navigating power constraints and sustainability targets

ACCESS THE INSIGHTS

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.