UK-based private equity fund manager Redwheel has announced the launch of a venture fund focused on UK companies operating in the climate technology sector.
Redwheel has partnered with London-based Turquoise, a financial adviser and investor specialising in private market funds for climate technology.
The Climate Tech Growth Capital fund will have Redwheel as the fund manager, focused on the infrastructure and connectivity of investors while Redwheel will manage the investment activity.
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According to a statement, the strategy will look to invest primarily in the energy, transport, mobility and resource efficiency sectors.
One of the reasons behind the fund launch is the financing challenge facing climate tech firms looking to progress beyond startup status, according to Turquoise managing director Ali Naini.
The fund launch comes as Redwheel looks to grow the sustainable growth franchise it launched in 2023.
