Carbon Equity Decarbonization Fund I

A diversified portfolio providing access to a curated offering of top-tier climate growth equity and venture capital funds.

The Carbon Equity Decarbonization Fund allows you to invest alongside the world’s best climate funds

Getting our global emissions down to Net Zero requires innovation and scale. Many technologies to get to Net Zero exist and are cost competitive. Other technologies exist but need to come down in cost. Yet others do not exist yet. We need to:

  1. Rapidly scale cost-competitive technologies by innovating business models to reduce near-term emissions.
  2. Accelerate next-generation technologies and invest in enabling infrastructure to reduce emissions after 2030.  
  3. Invest in R&D and negative emissions to close the gaps to net-zero by 2050. 
 
The Carbon Equity Decarbonization fund does this by focusing on three key objectives:
  • Diversification
  • Impact
  • Returns
  • Access

Carbon Equity's Decarbonization Fund I targets 5 to 7 VC and PE funds in one basket. That means that with one ticket, you invest in 5-7x more start-ups (and scale-ups), creating 5-7x as much diversification and 5-15x lower risk versus investing in a single fund.

Research by Cambridge Associates shows that the chance of one private equity fund returning less than the invested capital is about 24%. With a portfolio of three funds this risk is already reduced to 9%. With seven funds this risk goes down to 1.5%.

The fund offers exposure to a broad range of technologies required to decarbonize our economy. We will invest in both early-stage innovations at the cutting edge of climate tech (think long-duration electricity storage, carbon-neutral aviation, direct air capture and storage) and later-stage investments that focus on full-blown commercialisation and growth (think geothermal energy, plant-based proteins, green hydrogen).

Carbon Equity believes that companies who build and scale essential climate technologies today are bound to become immensely valuable companies tomorrow. The decarbonization fund aims to realise a net money multiple of 2.0x, e.g. to double your invested capital. On an annual basis, this is equivalent to a 15% internal rate of return (Realised IRR might be lower due to capital call requirements.)

The funds in our pipeline can normally only be accessed with tickets ranging from 1 to 5 million Euro. By aggregating individual tickets, we are able to reach these high investment thresholds and provide you with low minimum entry to top-tier climate funds. 

Pipeline overview

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Funds sourced
0
Funds screened
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Funds in diligence

Fund size: 200m USD
Stage: Seed-Series B

Fund size: 400m EUR
Stage: Seed-Series B

Fund size: 3bn USD
Stage: Growth

Fund size: 350m EUR
Stage: Early - Growth

Fund size: 300m EUR
Stage: Growth

Fund size: 100m USD
Stage: Seed - Series A

Fund size: 200m USD
Stage: Seed-Series B

Fund size: 400m USD
Stage: Seed-Series B

Fund size: 350m USD
Stage: Early - Growth

Fund size: 100m USD
Stage: Seed - Series A

Fund size: 3bn USD
Stage: Growth

Fund size: 300m USD
Stage: Growth

How does it work

Step 1: You commit

You request access to our data room, review our documentation and decide to commit (via the invest button on this page).

Step 2: We close

We have a first close in January 2022, and commit the capital raised to different funds within 18 months.

Step 3: We invest

During the first 5-7 years, we will ask you to wire parts of your committed capital to us whenever a fund makes investments (capital calls).

Step 4: We report on impact

We will keep you updated on which climate technologies you’ve invested in and how they are changing the world, as well as on each fund’s impact.

Step 5: We return capital

We start returning your money as soon as the funds sell companies, usually around year 5. We aim for break-even by year 8 (e.g. to have returned your invested capital) and to distribute the remaining upside in the next 5-7 years. We will report biannually on the financial performance of the fund.

Selection process

  • The process
  • Impact diligence
  • Financial diligence
  • Investment Committee

To select the funds that we believe will have the highest chance of delivering a solid financial and impact return, we assess funds in a six-step process:

  • Lead generation: our research team has compiled a proprietary database of 500+ climate tech funds.
  • Shortlist: we boil down the longlist to a shortlist based on the timing of fundraising, thesis, impact goals and quality of the team.
  • Quick Scan: we do an initial analysis of all aspects of the fund, including strategy, impact approach, organisation and track record on the funds that excite us most.
  • Impact threshold: before diving into the full financial diligence, we ensure that the fund meets Carbon Equity's impact threshold. For this, we assess the fund's impact approach with our proprietary impact scorecard.
  • Full diligence: finally, we dive deep into the fund's strategy, organisation, team and track record to ensure a satisfactory risk/return profile.
  • Decision-making: the fund is brought to a vote at the IC (Investment Committee), which must be unanimous.

With our proprietary impact scorecard, we assess whether we believe that a fund's investments are going to be truly impactful. The scorecard focuses on the fund's ambition, approach and policies across 10 dimensions:

Impact scorecard

  • Team: The number one question we ask is: do we trust this team to invest on our behalf? To get to a yes, we look for teams that have excellent professional experience, a stellar investment track record (absolute and relative returns), are well-composed, and truly function as a team.
  • Investment strategy: We believe that a well-thought-through and structured market approach is essential to finding, winning, and supporting the best deals. So we assess whether the fund targets attractive markets has a strong approach to source deals and a solid process for conducting diligence and winning deals. Furthermore, it is essential that the fund has the ability to add value to a portfolio company.
  • Organisation: Does the fund have a solid backbone to help the team deliver on its promises? We assess whether the fund has a high-quality mid- and back-office, as well as an excellent network of advisors to support across the spectrum (from industry knowledge to strategic decisions at the fund level).
  • Fund terms: finally, we make sure the fund's structure is aligned with its goals and strategy. Is the fund the right size for the market opportunity? Is the team big enough and economically aligned with its investors? And are the fund fees and costs reasonable?
Lara Koole - gray
Lara Koole Chief Investment Officer
Liza
Liza Rubinstein Chief Impact
WVisser
Wiebe Visser Investment Advisor
Jacq - Gray
Jacqueline van den Ende CEO & CCO
Dirk Meuleman
Dirk Meuleman External IC member
  • The process
  • Impact diligence
  • Financial diligence
  • Investment committee

To select the funds that we believe will have the highest chance of delivering a solid financial and impact return, we assess funds in a six-step process:

  • Lead generation: our research team has compiled a proprietary database of 500+ climate tech funds.
  • Shortlist: we boil down the longlist to a shortlist based on the timing of fundraising, thesis, impact goals and quality of the team.
  • Quick Scan: we do an initial analysis of all aspects of the fund, including strategy, impact approach, organisation and track record on the funds that excite us most.
  • Impact threshold: before diving into the full financial diligence, we ensure that the fund meets Carbon Equity's impact threshold. For this, we assess the fund's impact approach with our proprietary impact scorecard.
  • Full diligence: finally, we dive deep into the fund's strategy, organisation, team and track record to ensure a satisfactory risk/return profile.
  • Decision-making: the fund is brought to a vote at the IC (Investment Committee), which must be unanimous.

With our proprietary impact scorecard, we assess whether we believe that a fund's investments are going to be truly impactful. The scorecard focuses on the fund's ambition, approach and policies across 10 dimensions:

Impact scorecard

  • Team: The number one question we ask is: do we trust this team to invest on our behalf? To get to a yes, we look for teams that have excellent professional experience, a stellar investment track record (absolute and relative returns), are well-composed, and truly function as a team.
  • Investment strategy: We believe that a well-thought-through and structured market approach is essential to finding, winning, and supporting the best deals. So we assess whether the fund targets attractive markets has a strong approach to source deals and a solid process for conducting diligence and winning deals. Furthermore, it is essential that the fund has the ability to add value to a portfolio company.
  • Organisation: Does the fund have a solid backbone to help the team deliver on its promises? We assess whether the fund has a high-quality mid- and back-office, as well as an excellent network of advisors to support across the spectrum (from industry knowledge to strategic decisions at the fund level).
  • Fund terms: finally, we make sure the fund's structure is aligned with its goals and strategy. Is the fund the right size for the market opportunity? Is the team big enough and economically aligned with its investors? And are the fund fees and costs reasonable?
Lara Koole - gray
Lara Koole Chief Investment Officer
Liza
Liza Rubinstein Chief Impact
WVisser
Wiebe Visser Investment Advisor
Jacq - Gray
Jacqueline van den Ende CEO & CCO
Dirk Meuleman
Dirk Meuleman External IC member

Terms & conditions

Target size:EUR 25m
Number of fund investments:5-7
Setup fee:1%
Annual management fee:0.75%
Start raise:October 2021
First close:January 2022
Final close:May 2022
  
Investment period:3 years
Fund lifetime:13 years
CE logo text white

Decarbonization Fund I

Target return10-15% per year
Duration13 years
Funds5-7
Target size25 mln EUR

Private market mechanics

Not ready to invest yet? Learn more about private market mechanics here. 

Dataroom access

Fill in the form to get access to the Carbon equity Decarbonisation Fund 1 dataroom.

Request allocation

You would like to reserve an allocation to subscribe for an interest in the Carbon Equity Decarbonization Fund I as a potential investor.

a) Subscriptions shall be made only on a private placement basis and shall be exempt from the requirement that the Fund prepare and file a prospectus with securities regulatory authorities. The interests in the Fund (the Interests) will not be registered under the laws of any jurisdiction. The Interests and the terms of the Fund will not be approved or disapproved by any commission or regulatory authority. Investors are advised to seek legal advice prior to any purchase or resale of the Interests.

b) Investment in the Fund is suitable only for qualified sophisticated investors and requires the financial ability and willingness to accept the high risks and lack of liquidity inherent in an investment in the Fund. Investors must be prepared to bear such risks for an extended period of time.

c) Each prospective investor should consult its own attorney, business advisor and tax advisor as to legal, business, tax and related matters concerning any subscription for an interest in the Fund and the Fund Documentation, in order to make an independent determination of the suitability and consequences of a potential subscription for an interest in the Fund.

d) Past or targeted performance is not necessarily indicative of future results and there can be no assurance that targeted returns will be achieved, that the Fund will achieve comparable results or that the returns generated by the Fund will equal or exceed those of other fund investment activities of the investment team or that the Fund will be able to implement its investment strategy or achieve its investment objectives.

e) Neither the Manager (as manager of the Fund) nor the Fund does require a license under the Financial Markets Supervision Act (Wet op het financieel toezicht) and the Manager and the Fund are not supervised on the basis of the Part “Prudential supervision of financial undertakings” and “Conduct of business supervision of financial undertakings” of said Act.

Energy Impact Partners - Deep Decarbonisation Frontier Fund I

Fund size
200m USD

Status
In dilligence

The fund invests in seed to Series B deep decarbonisation technology (hardware) across sectors and across the globe with a focus on USA.

  • Team
  • Mission
  • Investments
  • Track record
Hans Kobler
Hans Kobler Managing Partner
Shayle Kann
Shayle Kann Partner
Ashwin Shashindranath
Ashwin Shashindranath Partner

We need a lot of innovation to get to net-zero. Deep decarbonisation technologies are a huge investment opportunity with strong financial prospects critical for industrials, and critical for the energy transition.

By investing in the Carbon Equity Decarbonisation fund you will effectively obtain ownership of the companies below: 

Seriously cheap, compact, scalable fusion reactors.

Zero-carbon steel production.

Breakthrough multi-day large-scale energy storage technology.

Renewable net-zero nitrogen fertiliser production.

Low-cost large-scale green hydrogen production.

Earlier investments made by Energy Impact Partners (not included in the current fund):

Zero-emissions heavy-duty vehicles.

Innovative software to get community solar to the people.

Insulating buildings by sealing leaks ducts and walls.

Platform that integrates all types of electric cars & chargers, recently acquired by ChargePoint.

Insights into home energy use to increase energy efficiency.

Fund size
400m EUR

Status
In dilligence

Seed to Series B investments in companies with technologies along the agrifood value chain based in Europe and North America.

  • Team
  • Mission
  • Investments
  • Track record
1517728724510
Eric Archambeau Co-Founder
1580645692262
George Coelho Co-Founder
1525073876285
Christina Ulardic Partner
1598035989728
Hendrik Van Asbroeck Partner

Astanor is an impact investor, delivering financial, social and environmental returns in equal measure. We believe it’s both possible and necessary to scale a regenerative, connected agriculture and food system which protects the planet and supports a healthy, sustainable global population. We believe that financial returns that outperform the market correlate with proactive management of environmental, social and governance risks – and technology-led solutions purpose built to address them.

Astanor has not launched to market yet, so portfolio companies (or their pipeline) are yet to be seen (though we expect them to be just as exciting as those in Fund I)

Earlier investments made by Astanor (not included in the current fund):

Insect farming for animal feed.

Biodegradable microcapsule technology to end microplastic pollution.

Micro organism-based biopesticides & biostimulants.

Plant-based coatings for fresh produce.

Seaweed-based packaging.

Duckweed-based plant protein.

General Atlantic - Beyond Net Zero Fund I

Fund size
3bn USD

Status
In dilligence

A climate growth equity fund, investing in climate-impact software and technology-enabled products/solutions across sectors and geographies, with a primary focus on Europe and the USA.

  • Team
  • Mission
  • Investments
  • Track record
John Browne
John Browne
Lord John Browne Chairman
Bill Ford
Bill Ford
Bill Ford Chairman
Gabriel Caillaux
Gabriel Caillaux
Gabriel Caillaux Managing director

Addressing global climate change requires both a systemic transformation of the energy economy and a scale of investment never seen before. Technology, innovation and entrepreneurship will play a vital role in this monumental transition. Growth equity is uniquely positioned to drive this shift and support founders in deploying innovative solutions at scale.

By investing in the Carbon Equity Decarbonisation fund you will effectively obtain ownership of the companies invested in by the Beyond Net Zero Fund:

high-tech vertical indoor farming

General Atlantic is one of the largest established growth equity firms providing capital and strategic support to global growth companies. The firm is relatively new to climate investing but has played a critical role in growing many important software companies including:

Adyen is a Dutch payment company that allows businesses to accept e-commerce, mobile, and point-of-sale payments.

Airbnb, Inc. is an American company that operates an online marketplace for lodging, primarily homestays for vacation rentals, and tourism activities

Snapchat is an American multimedia instant messaging app and service developed by Snap Inc., originally Snapchat Inc.

Uber is an American technology company offering  ride-hailing, food delivery, package delivery, couriers, freight transportation, and more.

Klarna is a Swedish fintech company that provides online financial services such as payments for online storefronts and direct payments along with post-purchase payments.

Fund size
350m EUR

Status
Quick-Scan

The fund undertakes multi-stage investments (early-stage to growth) in climate tech software and hardware within the highest CO2-emitting verticals across Europe.

  • Team
  • Mission
  • Investments
  • Track record
1596624539773
Tim Schumacher General Partner
1585722849825
Danijel Višević General Partner
1562166400751
Daria Saharova General Partner
1517451999201
Craig Douglas Partner

The technologies needed to tackle climate change span across verticals and maturities. World Fund I built a sizeable, multi-stage fund, to invest early and be able to continue investing as portfolio companies grow across verticals and at different maturities. The Fund aims to save 2GT Co2 per year by 2040 (e.g. 5% of global GHG emissions).

By investing in the Carbon Equity Decarbonisation fund you will effectively obtain ownership of the companies below: 

Plant-based steak based on layered soy protein.

Earlier investments made by the current World Fund team (not included in the current fund):

Online provider of solar systems, facilitating homeowners to produce their own green electricity.

Verification and monitoring carbon capture by forests through AI and remote sensing.

Platform to connect distributed energy resources.

The wooden debit card that plants trees.

Fund size
300m EUR

Status
Quick-Scan

The fund invests in Northern European high growth sustainability technology companies, focusing on hardware & deep decarbonization solutions.

  • Team
  • Mission
  • Investments
  • Track record
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Troels Øberg Senior Partner
1585638070943
Jakob Fuhr Hansen Senior Partner
1619727195453
Rasmus Lund Senior Partner
1551653338068
Laurits Bach Soerensen Senior Partner

Nordic Alpha Partners recognizes the need for the energy transition to happen and wants to be a front-line player in the sustainable mega-transformation. Nordic Alpha Partners believes there is a large pool of European small cap hardware decarbonization companies that need capital to scale and are currently underfunded.

No investments made yet. The current pipeline includes a producer of fully bio-degradable bio-resins, a producer of sustainable synthetic fuel modular plants, a company that produces sustainable paper-based packing material with plastic-material properties and an advanced plastic sorting technology.

Earlier investments made by Nordic Alpha Partners I (not included in the current fund):

Designs and manufactures efficient electrolysers for the production of green hydrogen with renewable energy.

Recycling of high-quality artificial turf.

Automated and flexible farming equipment based on AI, machine vision, and robotics.

Produces wireless charging for robots and other vehicles.

Constructing complete eMobility charging solution for companies, municipalities and housing associations.

Fund size
100m EUR

Status
In dilligence

The fund targets software and hardware Seed and Series A European sustainable impact tech that contributes to climate mitigation, waste reduction, resource savings, and/or biodiversity protection.

  • Team
  • Mission
  • Investments
  • Track record
1626268294796
Fridtjof Detzner Managing Partner
1618338714502
Lena Thiede Managing Partner
1626349438963
Tobias Seikel Managing Partner
1626338699983
Nick de la Forge Managing Partner

We are heading towards system collapse driven by an economy built on exploiting natural resources, pursuing short-term financial profitability and a 'take-make-dispose' mentality. Planet A Ventures supports founders tackling the world‘s largest environmental problems. They provide early stage funding and mentoring to highly scalable impact companies – while measuring and forecasting its positive ecological impact.

By investing in the Carbon Equity Decarbonisation fund you will effectively obtain ownership of the companies below: 

Fully compostable cost- and quality-competitive bioplastic.

Industrial pioneer plant for the production of sustainable synthetic aviation fuel.

Recovering and recycling plastic from nature.

E-bike subscription service.

Product design software that identifies optimal GHG mitigation strategies), and a currently undisclosed hardware company in the geothermal energy space

Planet A is a first time team, thus no previous investments were made.

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