Al Gore's Just Climate closes $540M fund, eyes first Brazil deals
What's the deal? Just ClimateDealroom has a profile for this one. Try Dealroom →, the climate investment arm of Al Gore's Generation Investment ManagementDealroom has a profile for this one. Try Dealroom →, has closed its first natural climate solutions fund, NCS I, at $540 million. The vehicle, which began raising in 2024, drew more than 40 global investors with CalSTRS and Microsoft as anchors.
Who's backing it? About two-thirds of the capital came from institutions, including pension funds and asset managers such as Achmea Investment ManagementDealroom has a profile for this one. Try Dealroom →, Environment Agency Pension FundDealroom has a profile for this one. Try Dealroom →, and Royal Bank of CanadaDealroom has a profile for this one. Try Dealroom →. Family offices and companies supplied the rest, alongside unnamed Brazilian investors.
Where the money goes: The fund targets food production, land use, water management, and waste reduction — sectors that account for about a third of global emissions, according to Just Climate. It directs 70% of capital to OECD countries and 30% elsewhere, prioritising Brazil and India.
Just Climate takes minority stakes of US$20.5M to US$25.6M in companies with operating and commercial traction. It has deployed 25% of the fund across five companies, with a sixth in negotiation.
Why now? "This closing shows there is appetite among global investors for the climate agenda, despite the last two years showing a retreat in investment in this area," said Eduardo Mufarej, partner and co-chief investment officer at Just Climate (translated from Portuguese). He argued that the capital squeeze made surviving opportunities more attractive.
What's the endgame? Brazil has yet to receive a single investment from the fund, but Mufarej said the firm has "capital available to do at least two transactions in Brazil over the next two years" (translated from Portuguese). Just Climate is also planning a dedicated Latin America fund, the Generation Just Climate Latin America Fund II, which would allocate up to 80% of its capital to Brazil.
That regional vehicle plans 10 to 15 investments with tickets of $10 million to $50 million in food systems, industry and energy transition, and circular solutions. The International Finance Corporation has proposed investing up to $20 million, though the commitment remains pending approval. The push follows Just Climate's 2025 merger with Brazilian firm GK PartnersDealroom has a profile for this one. Try Dealroom → to build a Latin American platform.
The signal: Latin America has been starved of climate capital — less than 1% of global climate tech venture funding reached the region in 2024. A $540 million close weighted toward Brazil, backed by a $22.6 billion manager, suggests that institutional investors increasingly see the market as a destination rather than a detour.
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Image credit: Region 5 Photography
