Generation Invetsment Management, co-founded by Al Gore and David Blood (pictured), has closed its new sustainable fund at $1 billion (£786 million).
The Generation IM Sustainable Solutions Fund III is a growth equity fund backed by UBS Wealth Management, which raised $93 million for the strategy.
The firm was co-founded in 2004 by former US Vice President Gore and David Blood, who was previously at Goldman Sachs Asset Management.
This new fund will invest in high growth, sustainable companies with capitalisation between $50 million to $150 million that provide goods and services consistent with a low-carbon, prosperous, equitable, healthy and safe society.
The strategy will focus on the following three primary areas:
- planetary health (low-carbon solutions transforming mobility, food, energy, and enterprise);
- people health (enabling health outcomes and a lower-cost, accessible healthcare system);
- financial inclusion (supporting access to finance and an equitable future of work).
The first two investments have been SOPHiA GENETICS, a company leveraging its deep expertise in life sciences and computing to democratise data driven medicine, and Andela, the engineering-as-a-service business enabling fast growing global enterprises to access Africa’s top software engineering talent.
Commenting on the fund launch Lila Preston, partner and co-head of the growth equity platform at the firm said: ‘Sustainability is about both what a company does - the products and services it sells - and how a company operates,
‘A hallmark of our investment approach is that we take a systems-level view and leverage our long-term horizon and deep industry insights.’
Also commenting, Blood added: ’Sustainable investing is all we do, and all we will ever do. With a continuum of capital, and the collaboration between our public and private investment teams, we can be true long-term equity partners to the very best companies big and small.’