Lightrock, the private equity platform that backs entrepreneurs tackling some of the world’s biggest challenges, has closed its Lightrock Climate Impact Fund (LCIF) with commitments of €860 million.

After the LCIF was oversubscribed at its initial €600 million target, the hard cap was raised.

Investment support was led by Lightrock’s anchor investor, LGT, and new investors including New Zealand charitable foundation Bay Trust; Netherlands-based climate technology focused investment platform, Carbon Equity; and Golding Capital Partners, a US-based charitable foundation.

Lightrock said its fund will 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.

Pål Erik Sjåtil, chief executive and global managing partner of Lightrock, commented: “I want to extend my grateful thanks to our investors for their confidence in and support of our mission.”

He added: “This is Lightrock’s third successful fund close in little over a year and it represents a resounding endorsement of our mission to scale impact investing.”

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