Climatetech

AC Ventures Fund V (ACV Capital V L.P.) is the fifth flagship fund of AC Ventures (ACV), a Jakarta-headquartered venture capital firm dedicated to backing technology-enabled businesses across Indonesia and Southeast Asia. The fund achieved its final close in January 2024, raising $210 million in capital commitments including co-investment vehicles, bringing AC Ventures' total assets under management to over $500 million across five funds. With over 90% of commitments from institutional capital and more than 50% from returning limited partners—including the World Bank's International Finance Corporation (IFC) alongside prominent institutions from the United States, the Middle East, and North Asia—ACV Fund V reflects the firm's established track record as one of Southeast Asia's most active early-stage investment platforms. ACV Fund V invests primarily at early to growth stages, deploying initial checks of $2 to $5 million into tech-enabled companies building solutions for Indonesia and the broader Southeast Asian market, with the capacity to commit $20 to $30 million in follow-on capital for high-growth portfolio companies aligned with the firm's impact goals. The fund targets approximately 25 new companies across fintech, e-commerce, consumer technology, logistics, climate technology, and MSME (micro, small, and medium enterprise) enablement—extending AC Ventures' existing portfolio of over 120 startups. Indonesia's position as approximately 40% of the region's total economic output anchors the fund's geographic thesis, while the climate mandate introduced in Fund V reflects AC Ventures' role as a signatory of IFC's Invest2Equal program and the UN Women's Empowerment Principles. AC Ventures' track record across predecessor funds demonstrates a +37% impact ratio versus the Nasdaq Small Cap average of +29%, with a portfolio emphasizing diversity: the firm operates with 50% female senior leadership and reports 41% female C-level representation across its portfolio companies. ACV Fund V launched its first close at approximately $162.5 million in September 2022 (65% of its $250 million target) before completing its final close at $210 million in January 2024. Among the fund's early investments are MAKA Motors, Indonesia's leading electric vehicle developer, and Koltiva, a sustainable farming platform connecting smallholder farmers to global supply chains—both exemplifying AC Ventures' dual mandate to generate financial returns while delivering measurable environmental and social impact across Southeast Asia's emerging digital economy.

The Altree Kadzi Gender Climate Fund is an impact vehicle managed by Altree Capital, a woman-led investment firm focused on blended finance and gender-lens investing across Sub-Saharan Africa. Launched in 2023, the fund was created to address the structural funding gap facing women-led enterprises and climate-focused businesses in the region, with a fundraising target of between $50 million and $80 million. The fund meets the criteria of the 2X Challenge, a leading global initiative requiring investments to meet minimum thresholds for gender inclusion, female leadership, and economic empowerment. The fund's investment strategy employs a flexible capital stack that includes equity, debt, mezzanine, convertible notes, and revenue-based financing — a structure designed to match the diverse needs of early-growth companies in Sub-Saharan African markets where standard venture capital or buyout instruments are often poorly suited. Each investment is underwritten against both financial return targets and quantitative gender and climate impact metrics embedded throughout the investment process. The fund targets ventures that address climate adaptation and mitigation in Africa while centering women as entrepreneurs, employees, or primary beneficiaries, with exposure to sectors such as electric mobility, women's health, clean energy, and sustainable agriculture. Altree Capital received a grant from the Climate Gender Equity Fund (CGEF), a public-private partnership co-led by USAID in collaboration with Amazon, Reckitt, Skoll Foundation, The UPS Foundation, and Visa Foundation. The fund has already backed five portfolio companies, including Wahu! Mobility, an electric vehicle venture operating in Ghana and Togo, and Kasha, an e-commerce platform focused on women's health and personal care products. The fund had raised approximately $790,000 in first-loss and grant capital at last public report, with the broader institutional raise continuing to target pension funds, development finance institutions, and impact-focused LPs globally.

Axeleo Capital Green Tech Industry Fund is a EUR 125 million first-close vehicle targeting European climate technology and industrial innovation, managed by Axeleo Capital, an independent Parisian venture capital firm with nearly EUR 300 million in assets under management. The fund, which carries a final target of EUR 250 million, launched in November 2024 and marks a significant strategic expansion into deep industrial sustainability for a firm previously focused on industry 4.0 and enterprise software. The vehicle bridges the gap between academic research and commercial scale in sectors urgently requiring low-carbon alternatives. The fund targets 15 to 20 European companies with lead investment tickets of EUR 3 million to EUR 10 million, concentrating on new renewable energy generation, advanced energy storage, biomaterials and plastics recycling, bio-based agrochemicals, and mobility decarbonization including electric motors and aviation and maritime propulsion. Anchor investors include the Revolution Environnementale et Solidaire fund backed by Credit Mutuel Alliance Federale, Bpifrance, and the Fonds National de Venture Industriel (FNVI) managed as part of the French government's Plan France 2030, alongside the Veolia Group, a coalition reflecting both public climate commitment and private industrial alignment. Axeleo Capital was founded in 2017 and built its reputation through its industrial accelerator heritage and early investments in enterprise software and industry 4.0 companies. The Green Tech Industry Fund extends this hands-on incubation model to companies navigating complex technology risk and lengthy regulatory timelines in hard-to-abate industrial sectors, applying operational expertise alongside growth capital to accelerate commercialization.

BSocial Impact Fund II is the second social impact venture capital fund managed by Ship2B Ventures, the leading impact investment manager in Spain, targeting an EUR 80 million final close. The fund achieved its first close of EUR 65 million in November 2024, making it the largest social impact venture capital fund raised in Spain to date and exceeding EUR 120 million in total platform assets under management. BSocial Impact Fund II pioneers a blended finance structure in the Spanish market, combining institutional capital with first-loss coverage and technical assistance mechanisms designed to de-risk investments in companies tackling deep social and environmental challenges. The fund invests in startups improving the quality of life for vulnerable populations and the elderly, and in companies contributing to the decarbonization of industrial sectors and ecosystem regeneration. Its inaugural close attracted an influential coalition of public and private investors: the European Investment Fund (EIF), Axis (ICO Group), Banco Sabadell, VidaCaixa, the Institut Catala de Finances (ICF), and several leading Spanish family offices. The EIF anchor commitment validates the fund's additionality and impact credibility under EU standards. Ship2B Ventures was founded by the Ship2B Foundation and has built a decade-long track record as the pioneer of impact investing in Spain. The firm hosts the annual Ship2B Impact Forum in Barcelona, one of Europe's most prominent gatherings of impact leaders, founders, and investors. BSocial Impact Fund II operates under CNMV regulation as a Spanish alternative investment vehicle and builds directly on the performance of BSocial Impact Fund I, extending Ship2B's model of combining catalytic public capital with private institutional backing.

DCVC Climate Select is a venture capital fund targeting climate startups at the mid-stages of development. The fund is located in Palo Alto, California. The fund is focused on climate technologies and applications in AI, tech bio, and robotics, where it sees opportunities for investment in underfunded areas. The fund is managed by the well-established Silicon Valley VC firm DCVC, which has invested $360 million from other funds into climate startups over the last decade. DCVC Climate Select initially aimed to raise $500 million, but this target has since been lowered to $400 million due to challenging market conditions.

The Decarbonization Partners Fund I focuses on investing in late-stage venture capital and growth private equity for next-generation companies that support the acceleration of decarbonization and the transition to a net-zero economy. The fund has attracted a diverse set of over 30 institutional investors representing 18 countries, including public and private pension funds, sovereign wealth funds, insurance companies, and corporates and family offices across North America, Europe, and Asia Pacific. The diversity and depth of the investor base reflect the global nature of the opportunity around climate investing, directly aligning with Decarbonization Partners’ global focus. The Fund’s target investments include companies that drive intentional, material, and measurable decarbonization outcomes. It invests in companies with de-risked technologies that are ready to scale and can benefit from BlackRock and Temasek’s complementary platforms and deep access. The Fund’s investments span several innovative decarbonization technologies, including sustainable materials, clean hydrogen, science-based carbon management services, low-emissions battery recycling, EV fleet management, and thermal energy storage for industrial applications. The partnership aims to invest in companies that provide solutions and technologies to help accelerate global efforts to achieve a net-zero global economy by 2050. The sectors targeted for investment include Carbon Capture, Storage and Utilization, Bio and Low Carbon Products, Next Generation Energy, Advanced Mobility, Carbon Management Services, and Digital Transformation. The team has built a robust pipeline of proprietary deal flow and intends to continue executing on this in the coming months. The Decarbonization Partners team, which has grown to over 25 members, includes experienced venture capital and growth equity investment and portfolio management professionals across offices in New York, San Francisco, Singapore, London, Paris, and Houston. The team was intentionally constructed to provide portfolio companies with trusted value-add partners who bring significant technical and operational experience to the table.

Energize Ventures Fund III, with $430 million in capital commitments, is a VC fund by Energize Capital. The fund went over its initial target of $350 million. This fund aims to invest in early-stage companies developing digital and software-enabled solutions that drive energy and industrial transformation. The closure of Fund III brings Energize Capital's total assets under management to over $1.8 billion. The fund focuses on asset-light, digital-first climate solutions, particularly in sectors such as industrial digitization, next-generation infrastructure, and the energy transition. Energize Capital plans to invest in companies at the Series A to C stages, with average check sizes ranging from $15 million to $20 million. Initial investments from Fund III include Tyba, a battery optimization software platform; Archive, a resale technology solution for brands; and Nira Energy, a grid interconnection software platform for energy developers. Energize Ventures Fund III is backed by a diverse group of institutional, corporate strategic, family office, and impact investors. New limited partners include Sweden’s Första AP-Fonden (AP1), Capricorn Investment Group, Reference Capital, Keeling Capital, Keysight Technologies, and WEX Venture Capital. Returning investors comprise GE Vernova, Caisse de dépôt et placement du Québec (CDPQ), Builders Vision, UBS, and WEC Energy Group.

FORWARD.one Fund III is a €200 million industrial technology venture fund aiming to back Europe’s next generation of breakthrough hardware and deeptech companies. With a hard cap set at €250 million, the fund will deploy initial tickets in the range of €1–3 million, reserving additional capital for follow‑on financing. The fund intends to build a concentrated portfolio of 25–30 early‑stage companies, focusing on domains such as semiconductors, robotics, sensors, advanced automation, climate tech, and industrial innovation. Its geographic focus includes the Benelux, Germany/Austria/Switzerland (DACH), the Nordics, and other European innovation hubs. FORWARD.one brings a hands‑on, commercialization‑oriented investment style. Its value proposition is rooted in bridging the “deeptech gap” by combining technical domain expertise, rapid execution, and industry networks to help founders transform advanced research into scalable products for real markets. The fund also builds on FORWARD.one’s performance track record: Fund I (launched ~2018) delivered a net IRR of ~41 % and 2× DPI, with exits such as Sensorfact (acquired by ABB) and Mayht (acquired by Sonos). Fund II (launched ~2021, ~€145 million) is mid‑deployment, targeting similar sectors. With Fund III, the firm aims to scale its backing of Europe’s industrial tech champions and deliver strong returns for LPs.

GEF US Climate Solutions Fund II LP is a private equity fund managed by GEF Capital Partners. It focuses on investing in North America-based lower middle-market companies that have developed solutions to address climate change and pollution mitigation. The fund exceeded its original $250 million target, closing with $325 million of capital commitments. Limited partners in Fund II include various climate change-focused institutions such as Blue Earth Capital, HQ Capital, ODDO BHF, INGKA Investments, GEM Investments, Första AP-fonden, Quilvest Capital Partners, Granite Capital Management, and Nordea. The fund aims to support small-scale businesses critical to the transition to a net zero and circular economy by providing both capital and guidance from impact investors. GEF Capital invests in companies in sectors including clean energy, energy efficiency, waste, water, and resource efficiency. As of May 2024, the fund has invested in six companies: InSite, a Washington DC-headquartered provider of software used by real estate owners and operators to reduce energy usage and improve building performance in order to meet sustainability goals (2021); Lifecycle Renewables, a Massachusetts-based recycler of used cooking oil into a branded heating oil that is used by universities, hospitals and utility companies to attain net zero carbon emission targets (2022); Murf E-Bikes, a California-based designer and maker of electric bikes (2022); Polargy, a California-based designer of energy efficient systems for hot and cold aisle containment systems, modular walls and structural ceilings in data centers (2023); Civic Renewables, a Maryland-based provider of residential solar energy installation services (2023); and Next Step Energy Solutions, a Colorado-based provider of LED lighting systems used in the healthcare, manufacturing and commercial real estate sectors (2023).. With the closing of Fund II, GEF Capital welcomed two new operating partners, bringing expertise in carbon credit development, sales, marketing, and operational support to deepen value creation and impact for portfolio companies. The fund aims to showcase that environmental outcomes can result in strong financial and environmental benefits. FirstPoint Equity served as the lead placement agent for GEF Capital in fundraising for Fund II, attracting a broad spectrum of responsible investors. Additional placement agent services were provided by Asante Capital, TritonLake, and Impactus Partners. Latham & Watkins served as legal counsel for the formation of Fund II.

Magnesium Capital I focuses on profitable European companies with proven technologies or tech-enabled services that are positively impacting the decarbonisation of the production, distribution, and consumption of energy. The team has been backing the buyouts of such businesses for a number of years on a direct deal basis. Since inception, Magnesium has completed seven platform investments, signed six follow-on acquisitions, and exited two investments for 4.2x gross MOIC. The fund targets high-growth, profitable businesses in Europe and the UK that support the energy transition. It likes to partner with entrepreneurial management teams and support them on their next stage of growth. Magnesium looks for companies with competitive advantages in their core technology or tech-led service that have a positive impact on the way energy is produced, distributed, or consumed. The fund takes controlling stakes in each of its investments but considers significant minority positions in certain circumstances. The fund closed its inaugural Fund, Magnesium Capital I, at its hard cap of €135m, exceeding the €100m Fund target. The final close occurred less than a year after the Fund’s first close with Magnesium attracting blue-clip institutional investors from the US, Europe, and the UK. The combined impact of these portfolio companies already directly contributes to the avoidance of over 30 million tonnes of CO2 equivalent per annum, demonstrating their focus on impactful investments with positive environmental outcomes. The fund prefers investments ranging from €15 million to €50 million in companies with enterprise values of €25 million to €100 million.

Marathon Fund III is the latest €75 million seed-stage fund from Athens-based Marathon Venture Capital. The firm continues its mission to be a “Day One partner” to Greek tech founders, focusing on those building globally competitive companies from the outset. This new vehicle brings Marathon’s total assets under management to €175 million, reflecting the firm’s growing influence in the European venture ecosystem. Marathon’s investment thesis centers on founders addressing complex challenges in significant markets. These challenges often require specialized knowledge, such as advanced research expertise, or navigating regulated and overlooked industries like power grid management. The firm emphasizes capital efficiency and resilience, qualities inherent in the Greek tech community, enabling startups to serve global markets effectively from their inception. The firm has a track record of successful investments, including the acquisition of Augmenta by CNH Industrial for $110 million and a secondary sale of shares in Hack the Box to The Carlyle Group. These exits underscore Marathon's ability to identify and support startups with significant growth potential and global appeal.