Clean Growth Fund II hits £81.5M at second close towards £150M target

UK climate tech investor Clean Growth Fund has announced the second close of Fund II, amassing total commitments of £81.5 million as it aims for a £150 million target. The second close was led by a £22.5 million commitment from Border to Coast Pensions Partnership's UK Opportunities Fund, which was established in 2024 to invest in UK companies and assets, seeking long-term returns for its Local Government Pension Scheme (LGPS) Partner Funds.

Strathclyde Pension Fund contributed an additional £10 million, bringing its total commitment to Fund II to £30 million. Other investors include Islington Pension Fund and East Riding Pension Fund. Clean Growth Fund II targets seed to Series A companies developing technologies with the potential to reduce carbon emissions and support the UK's transition to a lower-carbon economy, with plans to invest in around 25 companies.

The fund employs a place-based investment strategy, backing companies in established technology centres like Oxford, Cambridge, and London, as well as emerging innovation hubs across the UK.

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