Mark Segal, ESG Tools, Services, Private Equity & Venture Capital, April 18th, 2024,
/ Wellington Management announced today that the Wellington Climate Innovation Fund has closed, bringing in $385,000,000 for its first climate-focused venture capital fund. Wellington’s Climate Innovation Fund is a private fund that invests in companies working on solutions for climate adaptation and mitigation. The Fund targets companies in the late-stage and early growth stages, focusing on tech-enabled companies in fields such as software, sensors, AI and data analytics. Greg Wasserman, Wellington’s Director of Private Climate Investing is responsible for managing the fund. Climate Innovation Fund investors include sovereign wealth fund, pension funds, insurance companies and banks. Wasserman stated:
Climate change is an existence threat for society, and it touches all sectors of the global economic system. It’s one of the biggest and most important investment opportunities that we will ever see. Climate solutions used to be a trade-off. But, with recent technological improvements, cost reductions and advances in analytics and connectivity, today’s climate solutions deliver significant cost savings for consumers and businesses. Mark was the head of U.S. equity at Delaney Capital Management in Toronto before founding ESG Today. Mark worked as part of DCM’s ESG Team, which was responsible for tracking and evaluating sustainability factors that impact portfolio companies and for determining the suitability for companies to be included in the portfolio. Mark spent several years working in sell-side market research, focusing on the services and technology sectors. Mark has an MBA and a BBA in Business Administration from Columbia University, New York. He is also a CFA Charterholder.