Wellington Management Raises $385 Million for Climate Tech Venture Fund

Wellington Management has successfully closed the Wellington Climate Innovation Fund, raising $385 million for its inaugural climate solutions-focused venture fund. The fund targets late-venture and early-growth private companies that are developing tech-enabled solutions to address climate change. These solutions span various sectors, including energy transition, sustainable buildings and cities, transportation and mobility, industrial automation, enterprise digitization, sustainable consumer goods, and food and agriculture innovation. The fund is managed by Greg Wasserman, Wellington’s Head of Private Climate Investing, and has attracted investments from a range of institutional and individual investors, including sovereign wealth funds, pensions, insurance companies, banks, family offices, and high-net-worth individuals. According to Wasserman, climate change presents a significant investment opportunity as it is an existential threat that affects every sector of the global economy. Recent advancements in technology, such as software, hardware, analytics, and connectivity, have improved the viability and cost-effectiveness of climate solutions. These advancements have led to meaningful cost savings and enhanced user experiences for businesses and consumers. Wellington Management believes that investing in climate innovation is not only crucial for addressing the climate crisis but also offers promising financial returns. Resources: https://www.esgtoday.com/wellington-management-raises-385-million-for-climate-tech-venture-fund/