Virescent Ventures supercharges the cleantech ecosystem
CEFC creates first specialist fund manager
The CEFC is a foundation shareholder in Virescent Ventures, a specialist fund manager focused on investing in ambitious cleantech founders, technologies and businesses that can help achieve net zero emissions.
specialist fund manager
meets commercial ambition
In creating Virescent Ventures, we are continuing to lead the market in seeding a new Australian venture manager with an outstanding track record to facilitate additional private sector investment and growth in the cleantech sector. This is about capitalising on the robust investment performance and skills of the Clean Energy Innovation Fund to bring much needed capital and specialist domain expertise into this critical part of our economy.Ian LearmonthCEO, CEFC
Virescent Ventures is the first specialist fund manager created by the CEFC. Launched in February 2022, Virescent Ventures is co-owned by the CEFC and its founders, former senior executives with the Clean Energy Innovation Fund.
Virescent Ventures is targeting a first capital raising in 2022, with the CEFC expected to be a cornerstone investor alongside superannuation funds, strategic investors and large family offices. It plans to invest from pre-seed to late-stage growth capital, investing in deep tech and business model innovations, software and hardware.
Virescent Ventures has been appointed to manage the Innovation Fund portfolio on behalf of the CEFC.
The CEFC is Australia’s largest specialist cleantech investor through the $200 million Clean Energy Innovation Fund. In creating Virescent Ventures, it is continuing to lead the market in seeding Virescent Ventures as a new Australian venture manager with an outstanding track record to facilitate additional private sector investment and growth in the cleantech sector.
Virescent Ventures aims to increases investment in in Australian-focused cleantech start-ups and early-stage companies, including those seeking to expand into global markets. These companies require patient capital from the earliest stages of their development, through to additional growth capital rounds and beyond.
The CEFC is seeing strong market interest in the commercialisation of innovative technologies and business models which can accelerate the transition to net zero emissions. The success of these companies can benefit our economy and our environment, while enabling Australian innovators to play a leading role in the sustainable economy of the future.
A solid foundation
The Clean Energy Innovation Fund had made lifetime investment commitments of $163 million in cleantech companies at 30 June 2022. This included:
- Direct and follow-on investments in 49 companies
- Indirect investments in more than 100 additional companies via specialist accelerator and incubator programs