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Credit Suisse climate fund surpasses $250m target to close on $318m

The vehicle will invest in 10 venture capital funds across food and ag, production and mobility in North America, Europe and Asia.

Credit Suisse has closed its Climate Innovation Fund on $318 million, which took commitments exclusively from the firm’s wealth management clients.

The oversubscribed vehicle surpassed its $250 million target, head of global private and alternative markets Fabian Shey told Agri Investor in an email, with fundraising completed during the four-month period between January and April.

The vehicle will invest in 10 venture capital funds in North America, Europe and Asia across the food and agriculture, production and consumption, and mobility and urbanization sectors.

Credit Suisse said in a statement that the investment opportunity in these sectors lies in “the new technologies and business models accelerating the transformation and changes in the way we grow food, produce building materials or scale energy efficient means of transportation.”

Shey added that the fund will seek “partnerships with mission-driven seed, early stage and late-stage venture capital sponsors that are enabling positive climate impact along the food and ag value chain.”

“The Climate Innovation Fund will commit to venture funds that invest catalytic capital in disruptive technologies and transformative business models, solving for a significant reduction in greenhouse gas emissions, pollution and resource use,” he said.

Credit Suisse closed another climate-focused fund in October 2020 in partnership with Rockefeller Asset Management. The $212 million Ocean Engagement Fund is an impact strategy developed to target Sustainable Development Goal 14, which focuses on life below water.

Sven-Christian Kindt, head of private equity portfolio solutions said of the Climate Innovation Fund in a statement: “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.”