Just Climate, the climate-focused arm of Generation Investment Management, has closed its first fund, the Climate Assets Fund I, raising US$1.5 billion, surpassing its initial US$1 billion target. The fund aims to invest in high-impact solutions that can significantly reduce or eliminate emissions. The fund attracted institutional investors, including the California State Teachers’ Retirement System (CalSTRS), Canada-based PSP Investments, Sweden-based pension fund AP4, Colonial First State Investments, Builders Asset Management, and AP2. Additionally, pensions, sovereign wealth funds, insurers, financial institutions, endowments, foundations, and family offices from North America, Europe, and the Asia Pacific region also participated. Among the founding investors were Microsoft’s Climate Innovation Fund, IMAS Foundation, Ireland Strategic Investment Fund, Harvard Management Company, the Imprint Group of Goldman Sachs, Hall Capital Partners, and their respective clients. Clara Barby CBE, Senior Partner of Just Climate, emphasised the significance of climate-led investing, stating: “Establishing climate-led investing as a capital allocation imperative is core to our mission. We start with climate impact, identify solutions that will make the biggest difference, and then direct and scale institutional capital to those solutions that we believe can generate attractive risk-adjusted returns.”
