Private equity firm Vision Ridge Partners, which backs sustainable assets like electric ferries and battery storage systems, has raised a new $700 million fund to bolster its current investments and potentially make new ones.
(Bloomberg) — Private equity firm Vision Ridge Partners, which backs sustainable assets like electric ferries and battery storage systems, has raised a new $700 million fund to bolster its current investments and potentially make new ones.
The new raise follows a $1.25 billion fund that closed in early 2021 and backed companies that generate power, grow vegetables and build charging platforms for fleets of electric vehicles. Vision Ridge manages a total of $3.1 billion.
“Our investor base said, ‘We want to be a part of the investments you’re doing, but let’s scale up what we’re doing,’” said Reuben Munger, the firm’s founder and managing partner.
The company declined to name the fund’s backers, which include institutional investors, sovereign wealth funds and public pensions. Vision Ridge late last year hired the head of RMI, a nonprofit that aims to speed up the energy transition and cut greenhouse gas emissions, as a partner to manage its portfolio companies.
The new fund is closing months after the passage of the US Inflation Reduction Act, which aims to boost clean energy development. “The IRA is the big daddy of them all,” Munger said. “There’s a lot of activity and interest.”
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