Impact Investing | December 20, 2022

General Atlantic’s BeyondNetZero mobilizes $3.5 billion climate fund

Amy Cortese
ImpactAlpha Editor

Amy Cortese

ImpactAlpha, Dec. 2 – BeyondNetZero is the global growth equity firm’s first fund dedicated to climate tech. It invests in innovative growth companies that help cut carbon and speed the transition to a net-zero economy.

New York-based BeyondNetZero raised about $2.6 billion from a range of sovereign wealth funds, family offices, corporations and institutional investors backed the fund; General Atlantic’s core growth equity fund will contribute 25% to each deal.

“The fight against climate change will be won or lost this decade – on our watch,” said Lord John Browne, who chairs the fund. “The climate solutions we are seeking to scale are an important part of the systemic transformation required to mitigate the global threat of climate change.” 

Scalable solutions

Since it launched in July 2021, BeyondNetZero has invested $800 million in five companies, including Sun King, one of the earliest makers of solar-powered lanterns and home systems for Africa and Asia; RoadRunner Recycling, a commercial recycling and waste removal marketplace; and 80 Acre Farms, which develops renewable energy-powered vertical farms.

The fund is designated an “Article 9” fund under the E.U.’s new fund labeling rules, meaning it has sustainability or carbon reductions as its objective.