Following is a list of climate-focused venture capital funds that have raised capital in 2024.
As of August 6, 24 climate funds closed on nearly $6.9 billion, up from 26 climate funds that raised $5.2 billion for all of 2023, according to Venture Capital Journal research.
The average amount raised for climate funds this year is $286 million, up from an average of $202 million in 2023 and $267 million in 2022. The median fundraising amount is $250 million, up from $181 million in 2023 and $70 million in 2022.
The larger numbers for 2024 are largely due to new funds from Bill Gates’ Breakthrough Energy Ventures (BEV). It closed on more than $839 million for its third flagship fund, according to a July 31 SEC filing. The filing does not disclose a target amount, but Breakthrough Energy Ventures III is reportedly aiming to raise about $1 billion.
Other new additions to our running list of climate funds include:
- Breakthrough Energy Ventures Select Fund I, which held a first close on $555 million in January. BEV did not disclose the target for Select Fund I. LPs include AP Fonden 2, Daikin Industries and Development Bank of Japan, according to fundraising data from affiliate title Buyouts.
- BEV Follow-On Fund I, which held a final close on $105 million in May. No LP names were disclosed.
- Forbion BioEconomy Fund I, which held a first close on €75 million in July toward a target of €150 million. Investors include KfW Capital, Novo Holdings and Rentenbank, as VCJ previously reported.
- And Primo Climate, the debut climate vehicle from Italian venture firm Primo Ventures, which held a first close on €40 million in July toward a target of €60 million. LPs include CDP Venture Capital, per our earlier report.
The largest climate-focused fund raised to date in 2024 is the Decarbonization Partners Fund I, a late-stage venture capital and growth fund, which raised $1.4 billion ($400 million over target). The fund is managed by Decarbonization Partners, a joint between BlackRock and Temasek.
“There is enormous demand for energy infrastructure as many countries seek to transition to lower-carbon sources of power while also achieving energy security,” BlackRock CEO and chairman Larry Fink said in a statement. “Decarbonization Partners brings together the best of Temasek and BlackRock to identify generational investment opportunities in climate technology that we believe will help to bring down the green premium, enable a more affordable energy transition and generate long-term financial returns for our clients.”
If you know of any funds that should be included on this list, please e-mail Lawrence Aragon, editor of VCJ.
Note: This story was updated on August 6. It was first published on May 30.
