QIC backs Virescent Ventures climate tech fund
The CEFC congratulates Virescent Ventures on the announcement that QIC has joined existing investors including Westpac and the CEFC in its Fund II raise. The CEFC is a foundation stakeholder in Virescent Ventures, which was spun out of the CEFC in 2022, and is also a cornerstone investor in Fund II. Virescent Ventures manages a portfolio of CEFC investments in specialist early-stage climate tech on behalf of the CEFC.
Virescent Ventures media release:
QIC backs Virescent Ventures climate tech fund
19 November 2024
- QIC joins cornerstone investors Westpac and the CEFC in backing Virescent’ s Fund II
- New commitments take investment in Virescent’s Fund II to approximately $125 million
- Announcement on first investment imminent as Fund II seeks opportunities to supercharge the growth of climate tech companies
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).
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, which has seen more than $270 million deployed across 37 world-leading Australian climate tech investments to date.
Lottie Bryon, Investment Director at QIC, 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.”
Kristin Vaughan, Managing Partner of Virescent Ventures, 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.”
“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.”
Ben Gust, Managing Partner of Virescent Ventures, said: “Global demand from both the public and private sector for new technologies that reduce emissions, improve efficiency and lower costs, will continue to grow.”
“We’re excited QIC has joined our cornerstones Westpac, the CEFC and over 60 other investors in backing our second climate fund. The global consensus on decarbonisation is clear.
The world needs new technology that delivers sustainable growth, and it needs that technology deployed fast. As Australia’s most active climate tech investor, we are excited to be at the forefront of supporting the next wave of Australian climate tech innovators to grow and commercialise.”
Virescent Ventures is accelerating its assessment of investment opportunities with an announcement on Fund II’s first investments expected soon.
