Clean Growth Fund raises €94.5 million in Fund II close
The UK ClimateTech VC platform raised €94.5 million from major pension funds, exceeding half of its €174 million target and securing €35 million specifically from Strathclyde Pension Fund.
The Clean Growth Fund announced the closure of its second tranche of Fund II, bringing total investor commitments to €94.5 million (£81.5 million). This figure represents more than half of the fund's €174 million target. A €26.1 million commitment from Border to Coast's UK Opportunities Fund helped reach the milestone. Strathclyde Pension Fund added an additional €11.6 million to its existing support, increasing its total investment in Fund II to €35 million (£30 million). Other participating partners include Islington Pension Fund and East Riding Pension Fund. These institutions collectively manage approximately €139 billion in assets across 18 Local Government Pension Scheme partner funds. The fund is designed to back UK startups from Seed stage through Series A with technology capable of reducing carbon emissions. Founder Beverley Gower-Jones OBE stated that major institutional investors increasingly seek strong long-term returns alongside broad economic growth across the United Kingdom.
