Insight

CAI gathers over $825m for inaugural fund

Alongside the fund, CAI has secured over $200 million for a co-investment program, giving CAI over $1 billion in equity to deploy.

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  • Climate Adaptive Infrastructure Fund’s limited partners include endowments, foundations, insurance firms, pensions, superannuation funds, fund of funds, family offices and high-net worth individuals
  • FirstPoint Equity was the placement agent
  • CAI invests in low-carbon real assets in the clean energy, water, and urban infrastructure sectors

Climate Adaptive Infrastructure has raised more than $825 million for its debut fund. Alongside the fund, CAI has secured over $200 million for a co-investment program, giving CAI over $1 billion in equity to deploy.

Climate Adaptive Infrastructure Fund’s limited partners include endowments, foundations, insurance firms, pensions, superannuation funds, fund of funds, family offices and high-net worth individuals.

CAI invests in low-carbon real assets in the clean energy, water, and urban infrastructure sectors. CAI is led by founder and Managing Partner Bill Green.

On the fundraising, Green said in a statement, “For far too long, our society has invested in infrastructure based on the belief that our future would look just like our past. The climate crisis is now wreaking increasing havoc with assets that were built for a planet that no longer exists. At CAI, our mission supports the development of real assets purpose-built for the future, with the lowest feasible carbon emissions profile and designed to withstand the impacts of the climate crisis.”

To date, CAI has deployed 39 percent of the fund across three investments: Intersect Power, a clean energy company; Sentinel Energy Center, an 850 MW critical peaking power plant in Riverside California; and Rye Development, a developer of low-impact hydropower generation and pumped-hydro energy storage.

FirstPoint Equity was the placement agent. Kirkland & Ellis provided legal counsel.

CAI was founded in 2019.