UK-based private equity firm Generation Investment Management LLP has announced the close of its $1-billion Generation IM Sustainable Solutions Fund III that will invest in growth-stage companies.
According to a statement, the new fund, which is Generation’s third and largest in its Growth Equity strategy, sits alongside its established public equity strategy. The PE firm will make minority investments of $50-150 million from its latest fund in innovative companies.
The Generation Sustainable Solutions Fund will focus on investments in growth-stage businesses with well-established technology and commercial traction in three areas — planetary health, people health and 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,” said Al Gore, chairman and co-founder, Generation IM.
The fund has already made two investments including SOPHiA GENETICS, a company leveraging its deep expertise in life sciences and computing to democratise data-driven medicine, and Andela, an engineering-as-a-service business enabling fast-growing global enterprises to access Africa’s top software engineering talent.
Generation Investment Management is dedicated to long-term investing, integrated sustainability research, and client alignment. It is an independent, private, owner-managed partnership established in 2004 and headquartered in London, with a US office in San Francisco.
The firm currently has approximately $22 billion of assets under management.