London-based Lightrock, a private equity platform that invests in entrepreneurs tackling the world’s biggest challenges, announced on Thursday that it has closed its inaugural Lightrock Climate Impact Fund (LCIF) with €860M in funding, exceeding its initial hard cap.
LCIF was oversubscribed with demand exceeding the €600M target.
Lightrock says that the fund’s closure comes after a period of “significant” fundraising at the company, during which, more than $2B was raised in little over a year. It closed a Latin America-focused growth fund with commitments of $300M in May 2022 and the Lightrock Growth Fund I with commitments of $900M in June 2021.
Investors supporting the Fund
The investment came from Lightrock’s cornerstone investor LGT and its private banking clients. These investors include, First Swedish National Pension Fund (AP1); New Zealand charitable foundation, Bay Trust; Dutch-based Carbon Equity; GenZero, a company wholly-owned by Temasek; European asset manager, Golding Capital Partners; US-based Grantham Foundation; Thai energy and infrastructure group, GULF; German family-owned investment holding, Haniel; Australian pension fund, NGS Super; Austrian insurance group, UNIQA; and Dutch impact investor, Wire Group.