Oceans | September 8, 2021

Trio of climate funds launch ahead of fall climate summits

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, September 8 – Climate action is in the air. Three new climate-focused funds debuted this week ahead of this month’s Climate Week in New York and COP26 in Glasgow in November.

First up: 1.5 Degrees, a women-led hedge fund at global asset manager AllianceBernstein that will apply a long/short climate investment strategy to public equities. The fund is led by Dureka Carrasquillo and Savironi Chet, both ex- of Canada Pension Plan Investment Board, Bloomberg reports.

U.K.-based HYCAP has raised £200 million ($276 million) of a £1 billion target to invest in British businesses focusing on hydrogen power from renewable energy.

The recent spate of hydrogen-focused funds and deals includes FiveT’s €260 million ($308 million) hydrogen fund; hydrogen-powered aircraft companies Universal Hydrogen and ZeroAvia; and hydrogen-based fuel producer Green Hydrogen Systems.

Hydrogen-based transport company Hyzon Motors went public via a special purpose acquisition company.

Oceans of opportunity

Ocean regeneration is the focus of Paris-based SWEN Capital Partners, which raised €52 million ($61.6 million) of a targeted €120 million ocean fund from Macif, Crédit Mutuel Arkéa, an American family office, and other French and foreign investors.

SWEN is partnering with the French Research Institute for Exploitation of the Sea, or Ifremer, to lend scientific credentials to the fund’s investment process (for context, see “Is your fund serious about climate? Show me your scientists”).