Bahrain's sovereign wealth fund Mumtalakat, in partnership with asset manager Investcorp, has announced the creation of 'Climate Solutions Partners', a new platform aimed at investing in decarbonization projects. The initiative, which was unveiled today, will focus on a $750 million fund targeting middle-market ventures at growth inflection points that offer commercially proven solutions to climate change.
Rishi Kapoor, co-CEO of Investcorp, emphasized the firm's capabilities in navigating new investment landscapes, which will be instrumental in driving 'Climate Solutions Partners'. The fund will allocate resources towards key sectors including Carbon Management and Transportation, with a strong emphasis on ensuring that these climate solutions are affordably accessible to countries in the Global South. This approach is crucial for an effective global response to climate change impacts.
The announcement coincides with the commencement of the COP28 UN climate summit, which began on Thursday in the UAE, highlighting a week of significant focus on climate action. Investcorp, under the guidance of executive chair Mohammed Al Ardhi, has demonstrated its broadened investment scope and global expansion, managing $50 billion in assets under management (AUM). The company's move into climate-focused investments comes after years of diversification, which includes listing two SPACs on Nasdaq and the strategic involvement of Abu Dhabi’s Mubadala Investment Company, which acquired a 20% stake in Investcorp.
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