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Laxman Pai, Opalesque Asia:

Investment firm General Atlantic closed its first climate-focused fund with about $3.5 billion available for the strategy. The firm had aimed for $4 billion to pursue its BeyondNetZero strategy when marketing began in 2021, says media sources.

The New York firm wrapped up marketing for its BeyondNetZero fund, which includes $2.6 billion raised from investors and around $900 million in capacity from other General Atlantic-managed funds.

According to a media release from the global growth equity firm BeyondNetZero's first fund brings together capital from investors at the forefront of climate investing, including several strategic investors, sovereign wealth funds, family offices, multinational corporations, and global institutional investors.

The BeyondNetZero fund is structured as a companion fund investing in climate growth equity companies alongside General Atlantic's core global growth equity program. General Atlantic's core program will generally contribute 25% of capital to each climate investment that meets this mandate.

"We believe strongly in the power of technology to accelerate the transition to net zero," said Bill Ford, Chairman and Chief Executive Officer of General Atlantic. "We look forward to supporting passionate entrepreneurs who are delivering innovative climate solutions while creating durable growth businesses."

General Atlantic launched BeyondNetZero as the firm's dedicated climate investment effort,......................

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