climate solutions

A first close is earmarked for later this year, which could see the vehicle raise about half of its targeted capital.

The $486bn pension fund has also been targeting diverse and emerging managers to improve returns, pension fund documents show.

Investors in Fund II include the Grantham Foundation for the Protection of the Environment, the Dunn Family Charitable Foundation, Carbon Equity, Builders Vision and New Summit Investments.

Fewer North American investors have public net zero commitments compared with last year, according to a report from Robeco.

The firm is linking 20% of its carried interest to impact KPIs; if these are not met, then unearned carry will be donated to a non-profit.

The firm has done its first adaptation deal and expects to do more, according to general partner David Frykman.

Ambienta is in market with Sustainable Credit Opportunities, an Article 9 impact fund with a €500 million target.

Middle Eastern institutions have been committing billions of dollars to climate funds: ALTÉRRA has committed $6bn to funds managed by TPG, BlackRock and Brookfield, while Investcorp's decarbonisation fund is anchored by Bahrain's Mumtalakat.

The investor's climate opportunities programme is headed up by Imraan Mohammed, who spoke at New Private Markets' Impact Investor Global Summit on Tuesday.

CalPERS has a $100bn allocation to climate solutions – and is looking at its existing investment partners for climate-related opportunities – while APG has a domestic Dutch programme for transitioning local businesses.