Just Climate, the climate investment arm of Generation Investment Management, closed its first natural climate solutions fund at US$540 million. The fund, called NCS I, raised capital in 2024 in three tranches. It targets companies working on food production, land use, water management, and waste reduction.
Investor base
CalSTRS and Microsoft anchored the fund. More than 40 global investors joined the vehicle. Institutional investors supplied about two thirds of the capital.
Firm context
Just Climate has US$22.6 billion in assets under management. Generation Investment Management includes former US Vice President Al Gore as a partner. The firm is also raising a separate climate fund focused on Latin America.
Deployment plans
The new fund will allocate 70% of its capital to OECD countries. Brazil and India are priority markets for the remaining 30%. Initial checks are expected to range from R$80 million to R$100 million for minority stakes.
Brazil has not received an investment from the fund yet. The firm plans at least two transactions in Brazil within the next two years. Its separate Latin America fund will prioritize Brazil with 80% of the capital and allocate 20% to Mexico and Colombia.
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