Queensland Investment Corporation (QIC) has been announced as a major investor in Virescent Ventures’ second climate technology fund (Fund II), joining cornerstone investors Westpac and the Clean Energy Finance Corporation (CEFC).
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Confirmation of QIC’s investment comes alongside new commitments from a number of high net worth investors, taking first close of Virescent’s new fund to approximately $125 million.
Fund II is seeking to deploy $200 million into innovative climate tech companies and follows the success of Virescent Ventures’ first portfolio, managed on behalf of the CEFC.
QIC investment director Lottie Bryon said, “Partnering with Virescent represents an opportunity for QIC to work with an Australian-based climate manager to meaningfully advance the global transition to net zero. Their CEFC heritage affords Virescent deep expertise and touch points into the clean energy sector, producing a unique origination model that delivers attractive investment opportunities.
“Acknowledging the significant investment required to reach net zero, providing early-stage companies with growth capital to realise opportunities in this enduring secular trend sits at the core of QIC’s climate mandate strategy.”
Virescent Ventures managing partner Kristin Vaughan said, “We’re thrilled to have the backing of QIC as we complete our first, soon to be announced, investment from our second climate technology fund. QIC brings a global presence, cross sector expertise and deep financial market insights to Fund II, which will be invaluable as we invest in market-leading climate tech start-ups.”
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“The calibre of investors backing Fund II shows the confidence major public and private investors have in Virescent and our track record, and the opportunities in Australian climate tech. With abundant natural resources, significant human capital and a steady regulatory environment, Australia has an immense opportunity to be a global leader in climate technology innovation and commercialisation.”
