Just Climate, the fund established by Generation Investment Management, has announced the $1.5 billion close of its Climate Assets Fund with investment from Microsoft’s Climate Innovation Fund.

The fund, which exceeded its $1 billion investment target, plans to address the net-zero challenge at scale and will pursue investments in growth-stage, asset-heavy companies globally which have the potential to deliver transformational climate impact.

Clara Barby, senior partner of Just Climate stated that establishing climate-led investing as a capital allocation imperative is a core part of its 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,” she said. “We’re grateful that many of the world’s most significant institutional investors see the opportunity that climate-led investing represents — for capital markets, for the planet and for people everywhere.”

A similar fund was launched by Lightrock last year having closed at a €860 million fundraise. The company said at the time its fund would make investments with a typical initial ticket size of €10 to £40 million in European and North American growth-stage companies that are innovating towards a net-zero economy and building an operating system for climate action.

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