Virescent Ventures closes second climate tech fund as QIC invests
Make us a preferred source
Make us a preferred source on Google
The news: Queensland Investment Corporation (QIC) has joined Westpac and the Clean Energy Finance Corporation (CEFC) as a major investor in Virescent Ventures' second climate technology fund.
The numbers: New commitments from QIC and high net worth investors have taken the first close of Fund II to approximately $125 million.
The fund aims to deploy $200 million into innovative climate tech companies. Virescent's first portfolio, managed for the CEFC, has already deployed more than $270 million across 37 Australian climate tech investments.
The context: Virescent Ventures, Australia's largest dedicated climate technology investor, emerged from the Clean Energy Innovation Fund under the CEFC. The company invests from pre-seed to growth stages, focusing on clean energy, sustainable agriculture, circular economy, and smart cities. QIC, headquartered in Brisbane, manages $119 billion in funds and serves approximately 115 clients globally.
What they 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," QIC investment director Lottie Bryon said.
"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," managing partner of Virescent managing partner Kristin Vaughan said.
The source: Virescent Ventures press release
