Growth equity firm General Atlantic announced today the final close of the inaugural fund for its climate-focused venture BeyondNetZero, bringing the firm to approximately $3.5 billion in capital to invest in climate solutions.
Launched in 2021, BeyondNetZero (BnZ) seeks to identify and support high growth businesses that ultimately have the potential to combat climate change at scale. The venture focuses on four central themes, including decarbonization of supply chains, industrial processes and products; energy efficiency solutions; resource conservation, and; emissions management, measurement, storage and removal.
Earlier this year, General Atlantic appointed IHS Markit founder and former CEO Lance Uggla as CEO of BeyondNetZero.
“In the next three years alone, 90% of the carbon abatement needed could come from technologies that are currently mature or in the early stages of adoption1 – which means there will be a very significant opportunity for growth equity to support and scale high-quality climate solutions in the years ahead.”
The BeyondNetZero fund is structured as a companion fund to General Atlantic’s core global growth equity program, co-investing in climate growth equity companies, with the core program generally contributing 25% of capital to each investment.
To date, the fund has deployed over $800 million in five companies, including business sustainability ratings provider EcoVadis, vertical farming company 80 Acres Farms, tech-enabled recycling platform RoadRunner, waste reduction and supply chain efficiency software provider o9 Solutions, and off grid home-focused solar energy products company Sun King.
Bill Ford, Chairman and Chief Executive Officer of General Atlantic, said:
“We believe strongly in the power of technology to accelerate the transition to net zero. We look forward to supporting passionate entrepreneurs who are delivering innovative climate solutions while creating durable growth businesses.”