May 21, 2019 / 2:14 PM / 5 months ago

Al Gore's Generation raises $1 billion for latest private equity fund

FILE PHOTO: Al Gore, former U.S. Vice President and Climate Reality Project Chairman, gestures as he attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 22, 2019. REUTERS/Arnd Wiegmann/File Photo

LONDON (Reuters) - Sustainable investment specialist Generation Investment Management, co-founded by former U.S. Vice President Al Gore, has raised $1 billion (£788 million) for its latest private equity fund, it said on Tuesday.

The third and largest of its similar funds, Generation IM Sustainable Solutions Fund III will look to invest between $50 million and $150 million each in companies helping the health of the planet or individuals, or those driving financial inclusion.

“We believe that we are at the early stages of a technology-led sustainability revolution, which has the scale of the industrial revolution, and the pace of the digital revolution,” Gore said in a statement.

Demand to invest in a sustainable manner is growing, particularly in Europe, even if the definition of what this means can vary - something regulators in Europe are looking to address.

For Generation, target companies would provide “goods and services consistent with a low-carbon, prosperous, equitable, healthy and safe society”.

Of the money raised, $93 million came from wealth management clients of Swiss investment bank UBS , which said in a separate statement its clients were increasingly looking to invest more money into such funds.

Established in 2004 and headquartered in London, Generation IM manages around $22 billion in assets and is focused on sustainable investments across both public and private markets.

Reporting by Simon Jessop; Editing by Mark Potter

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