AP1 and NGS Super Among Backers of New Climate Impact Fund

By David G. Barry

The First Swedish National Pension Fund (AP1) and the Australian pension fund NGS Super are among the backers of Lightrock’s inaugural Climate Impact Fund.

The London-based private equity firm closed the fund at €860 million (US$840 million), far exceeding its €600 million (US$586 million) target.

In addition to the two pension funds, Lightrock’s limited partner base also included anchor investor
LGT and its private banking clients; Bay Trust, a New Zealand charitable foundation; Carbon Equity, a Netherlands-based climate technology focused investment platform; GenZero, an investment platform wholly owned by Singapore’s Temasek;  Golding Capital Partners, a European asset manager; Grantham Foundation, a U.S.-based charitable foundation; GULF, a Thai energy and infrastructure group; Haniel, a German family-owned investment holding; UNIQA, an Austrian insurance group; and Wire Group, a Dutch impact investor.

Lightrock will use the fund to make investments of between €10 million (US$9.79 million) and €40 million (US$39.2 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. It is specifically focused on four areas: energy transition, decarbonizing industries, sustainable food & agriculture, and sustainable transportation.

The fund already has made seven investments.

Lightrock is focused on tackling the world’s biggest challenges. Earlier this year, it closed a Latin America-focused growth fund at $300 million and in 2021, a growth fund at $900 million.