Investment manager Wellington Management announce today the final close of the Wellington Climate Innovation Fund, raising $385 million in commitments for the firm’s inaugural climate solutions-focused venture fund.

Wellington’s Climate Innovation Fund invests in private companies developing solutions to help mitigate and adapt to climate change, targeting primarily late-venture and early-growth companies developing tech-enabled solutions, in areas ranging from software, sensors and AI, to data and analytics, and across themes including energy transition, sustainable buildings and cities, transportation and mobility, industrial automation, enterprise digitization, sustainable consumer, and food and agriculture innovation.

The fund is managed by Wellington’s Head of Private Climate Investing, Greg Wasserman. Investors in the Climate Innovation Fund include sovereign wealth funds, pensions, insurance companies, banks, family offices and high-net-worth individuals.

Wasserman said:

“Climate change is an existential threat to society and touches every sector of the global economy, making it one of the largest and most necessary investment opportunities we will see in our lifetimes. For many years, climate solutions required trade-offs, but recent improvements and cost declines in technology around software, hardware, analytics, and connectivity mean today’s solutions are delivering meaningful cost savings and superior user experiences for businesses and consumers.”