A new US$750 million Climate Solutions Investment Platform has been announced by Investcorp, an alternative investment management firm, as part of its collaboration with ‘Innovate for Climate Tech’ – a coalition between Masdar City, Tencent, and Catalyst that was facilitated by the COP28 Presidency.
Investcorp made the announcement at the Business and Philanthropy Forum at COP28 in Dubai on December 1, launching the platform with initial anchor commitments from Bahrain’s Sovereign Wealth Fund Mumtalakat and other Bahrain-based institutions.
Targeting around $750 million of capital investment, the platform’s focus is on businesses at the “inflection point”, where they have matured past many of the risks that face earlier-stage ventures and are poised for rapid expansion.
According to Investcorp, the ‘Climate Solutions Investment Platform’ will provide growth capital to companies that provide products, services, and technologies that drive decarbonisation and address the impacts of climate change.
Further, in its role as an investment partner within the coalition, the company said it will “tap into the coalition’s knowledge base” and “leverage its networking opportunities to help guide its allocation.” The Innovate for Climate Tech coalition was launched in November 2023, it shared, and is facilitated by the COP28 Presidency, it is anchored by Masdar City, Tencent, and Catalyst.
“We are delighted to welcome Investcorp to the Innovate for Climate Tech coalition. Their commitment towards addressing the impacts of climate through technology aligns with the COP28 commitment towards supporting, promoting and facilitating the deployment of climate technologies. By working together and building a platform for innovation and investment we can create opportunities for sustainable economic growth and employment, especially in those regions who need it the most,” said Adnan Amin, CEO of COP28 UAE.
“Our focus on scaling commercially proven climate solutions provides the most attractive risk-return and delivers the highest impact by helping corporates and consumers achieve decarbonization targets within accelerated timeframes,” commented Rishi Kapoor, Co-CEO of Investcorp.
Steve Severance, Masdar City’s director of growth, added, “We are proud to welcome Investcorp as an Investment Partner to the coalition in our effort to advance climate innovation. Masdar City’s steadfast commitment to the climate tech ecosystem is demonstrated through strategic partnerships like these. Our firm belief in working together fuels initiatives that accelerate decarbonization and builds a more sustainable future for generations to come.”
Investcorp shared that it is in discussions to become an anchor partner for the Innovate for Climate Tech coalition alongside Masdar City, Tencent, and Catalyst.
Some of the latest entities to join the coalition include Siemens, Asian Infrastructure Investment Bank, The Climate Drive powered by the World Business Council for Sustainable Development, Flat6Labs, Gulf Capital, Martin Trust Center for MIT Entrepreneurship, Climate Collective, Startup Nation Central, Rainmaking, Belt and Road Environmental Technology Exchange and Transfer Center, Foresight Group, and Principes Ventures.