The co-GP fund – Mandiri Investible Global Climate Tech Fund – seeks to identify and invest in climate tech and innovation in the Southeast Asia and Oceania region. Up to 30% of the fund’s investment will be exclusively allocated to Indonesia.
The fund will explore opportunities in key sectors identified by the UN Environment Program, such as energy, transport, buildings and cities, industry, food, agriculture, forests, and land use.
“Our deep-rooted relationships with investors across Indonesia would serve as the cornerstone for this venture, to elevate and support climate tech companies to a global stage,” said Dennis Pratistha, chief investment officer of Mandiri Capital Indonesia.
Investible is not a new player in climate tech investing. Its Climate Tech Strategy, which was launched in 2021, has already reviewed over 3,200 opportunities across 20 countries and has deployed 19 investments so far.
Last year, Investible achieved the first close of its climate tech-focused, early-stage fund at around $30 million. The fund invests in high-growth technology companies with a positive climate impact in Australia, Southeast Asia, and globally.
Investible CEO Rod Bristow said, “MCI recognised the unique opportunity presented by Investible’s proprietary early-stage investment process, methodology, global networks, and experience as an early-stage Climate Tech investor.”
The climate fund is a pioneer, offering a sustainable investment alternative in a region facing significant environmental challenges, per the announcement.
MCI, a subsidiary of Bank Mandiri, manages several funds including Balance Sheet Fund, Merah Putih Fund, and Indonesia Impact Fund. It is the first corporate venture capital firm owned by a state lender in Indonesia.
As of last year, MCI has disbursed 1.4 trillion rupiah ($93.94 million) across 22 portfolio startups since its inception in 2015.
The launch of the climate tech fund comes as investment and grants in climate tech startups have fallen just over 40% over the last 12 months, analysts at PwC said in a report.