Co-Invest Fund I
Our strategy at a glance
Enable breakthrough climate solutions
As a global leader in the green hydrogen space, Sunfire is on a mission to expand the impact of clean power by turning it into renewable gases and liquids.
Mainspring is developing a clean on-site power generation technology that enables affordable and reliable electricity while providing flexibility to the grid.
Luxwall's Net Zero Glass improves energy efficiency for existing buildings, reducing utility costs as well as carbon emissions.
Metafuels powers the future of aviation with sustainable aviation fuel (SAF), to help make affordable low carbon aviation a reality.
This US-based company was founded out of the Massachusetts Institute of Technology (MIT), which turned into a commercial mission to decarbonize cement.
Noon Energy is developing a low-cost battery for medium-duration electricity storage. It accelerates the energy transition by fixing the intermittency problem of renewable energy.
Ampd energy aims to enable a smart, fully automated, emissions-free and connected construction site by providing smart batteries to manage energy usage onsite.
Swap is bringing healthy and affordable plant-based meat alternatives for people who want to reduce their meat consumption without compromising taste or texture.
Koloma is a US company in stealth mode with a mission to extract naturally occurring hydrogen that is continuously generated underground.
Miraterra is a sustainable agriculture company pioneering the use of Raman Spectroscopy and machine learning to create a highly accurate, cost-effective soil measurement tool.
CF Pathways aims to help large companies navigate their net zero transitions by providing comprehensive sustainability services and energy solutions.
Disperse is on a mission to make the construction industry more efficient and sustainable through productivity systems, which can effectively track and help manage construction activities.
Twelve is on a mission is to eliminate global emissions and build a fossil-free future by making the world’s most critical chemicals, materials, and fuels from CO2.
Frequently asked questions
Our funds are treated as transparent for Dutch tax purposes. This means that every investors is treated as receiving income and owning the assets in the fund equal to their percentage interest in the fund.
For Dutch individuals, the investment is taxed in ‘Box 3’ as an investment (deemed return for 2024: 6.04%).For investors investing via a Dutch company, the fund is also treated as transparent so the investing company will be taxed on any profits derived from the fund. An investment may, in certain limited cases, fall under the participation exemption but these cases are limited and should not be counted on.For investors outside of the Netherlands, they are not taxed in the Netherlands but taxed according to the rules of the country in which they are a tax resident. A non-resident investor does not become liable to tax in the Netherlands solely as a result of making an investment into our funds.
Management fees: during the investment period, commitments of $1,000,000 or more are charged 1.00% of committed capital, and commitments below $1,000,000 are charged 1.25%.
After the investment period, the management fee decreases by 5 bps per year.
The investment period is 3 years + 1 year + 1 year.
We do not charge a setup fee.
Fund expenses apply and are capped at 1.00%.
The carried interest will be 10% with a hurdle rate of 1.25x DPI.
Carbon Equity offers Portfolio Funds. Portfolio Funds provide access to a curated selection of 5–10 top-tier climate venture capital, private equity and infrastructure funds and companies. This structure offers broad diversification across sectors, geographies, and stages of company growth.
Climate Tech Portfolio Funds: Invests in 7-10 top-tier VC and PE funds, eventually gaining exposure to over 150 climate tech companies across early to late stages, primarily in the US and EU. Target net IRR: 10-15%
Climate Infrastructure Funds: Focuses on 40–50 infrastructure projects like battery storage and renewable energy, with 75% exposure in Europe. Target net return: 10-12%.
Access to Climate Tech Funds: Aims to invest in 5–7 VC, PE, and infrastructure funds, covering a full suite of climate solutions. Target net IRR: 8–12%.
Co-investment Funds: We hand-pick the 12-15 most exciting growth-stage opportunities globally that we get access to through our deep relationships with top-tier climate fund managers
We do not actively look to co-invest with non-relationship general partners as we prefer to be able to track a company’s development over a couple years and we want to make sure we receive good access to information (i.e. access to the general partners’ memo, model, dataroom). All of the co-investments we’ve done so far have been with relationship general partners.
We source deals both proactively and reactively. On the reactive side, general partners consistently share co-investment opportunities with us, which vary in terms of how well they fit our criteria (sometimes they are great, sometimes they are too early or the round dynamics are not optimal).
We do not solely rely on general partners sharing deals with us. We proactively make sure to reach out to our relationship general partners to ask for access for rounds of specific companies that we are interested in (e.g. after we see a positive update in a quarterly report). We also try to build relationships with the founders of these companies by attending annual general meetings and relevant conferences.
The fund is USD denominated as we expect to make the majority of investments in North America.
The same investment team will manage both strategies. While some organisations separate co-investments and fund investments, this is typically seen in broad, generalist mandates. In specialist areas such as climate tech, it is standard for one integrated team to oversee both, as the strategies are highly interconnected. Our team engages with growth funds on a weekly basis, continuously evaluating key value drivers and gathering insights on market dynamics, competitors, and emerging technologies. Separating fund and co-investment responsibilities would dilute this information flow and reduce our ability to make well-informed investment decisions.
