Decarbonization Partners, a joint venture between Temasek and BlackRock, announced the final close of its inaugural late-stage venture capital and growth private equity investment fund at $1.4 billion, exceeding its target of $1 billion.

The vehicle is focused on investing in next–generation private companies that support the acceleration of decarbonization and the transition to a net–zero economy.

Apart from BlackRock and Temasek, the fund vehicle received commitments from over 30 institutional investors including public and private pension funds, sovereign wealth funds, insurance companies, corporates, and family offices.

Investors in the fund include Allstate, BBVA, KIRKBI, Mizuho Bank Ltd., MUFG Bank Ltd. and TotalEnergies among others.

“This successful fundraising demonstrates the unique strength of our team and platform, which we’ve been building for the last two years. Clients have shown conviction in our ability to execute our strategy of supporting the acceleration of decarbonisation and the transition to a net-zero economy through our investments,” said Dr. Meghan Sharp, Global Head & Chief Investment Officer of Decarbonization Partners. 

The fund has so far backed seven companies in the areas of sustainable materials, li-ion batteries, clean hydrogen, science-based carbon management services, low-emissions battery recycling, EV fleet management, and thermal energy storage for industrial applications.