Credit Suisse announced today the closing of its Climate Innovation Fund, with $318 million committed to the climate solutions-focused venture capital fund.
Fabian Shey, Head of Global Private & Alternative Markets at Credit Suisse, said:
“The demand for this fund has been remarkable across the full spectrum of wealth management clients. It is a meaningful step and a substantial amount of capital being invested with purpose towards net zero.”
The fund will commit capital to ten venture funds in North America, Europe and Asia that are active in facilitating the reduction of carbon emissions by investing in disruptive technologies and business models aiming to meaningfully reduce greenhouse gas emissions across sectors including food and agriculture, production and consumption, and mobility and urbanization.
According to Credit Suisse, in addition to reporting on the fund’s UN SDG alignment, the fund will track impact at both the company and investor level, or “Double Delta.” This methodology involves reporting on the positive impact/change a company generates through its products and services, as well as the positive impact/change an investor generates, through enhancing the quality/quantity of the impact a company is generating by financing or active ownership.
Sven-Christian Kindt, Head of Private Equity Portfolio Solutions at Credit Suisse, said:
“I am happy to see how strongly the Climate Innovation Fund resonates with our clients. By partnering with mission-driven venture firms, this fund will empower entrepreneurs to commercialize and grow their radically transformative technology and business ideas in order to contribute to planetary health at scale.”