Mitsubishi launches climate tech growth fund

Japan’s Mitsubishi Corp (TYO:8058) today announced the launch of a climate tech growth fund which will invest in companies focused on the development of climate technologies.

The fund will in this way help to commercialise, scale up and rollout the technologies of the companies it backs.

The vehicle is called Marunouchi Climate Tech Growth Fund LP and is managed by Marunouchi Innovation Partners Co Ltd, a company set up by Mitsubishi Corp in partnership with MUFG Bank Ltd and Pavilion Private Equity Co Ltd, with Mitsubishi Corp holding a 90.1% stake.

The fund has raised USD 400 million (EUR 364m) at its initial closing. It plans to raise additional funding and increase its size to USD 800 million-1 billion.

The initiative aligns with Mitsubishi Corp’s "Roadmap to a Carbon Neutral Society" and the company's aim to achieve net-zero greenhouse-gas emissions by 2050.

(USD 1 = EUR 0.911)

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