UBC Investment Management today announced a $40M USD investment in BeyondNetZero, the climate growth equity fund by General Atlantic, a leading global growth equity firm. UBC Investment Management’s investment implementation continues to advance its Responsible Investing Strategy by using a sophisticated and holistic approach to advancing the University of British Columbia’s ESG goals of its various capital pools.
General Atlantic has more than $73B USD in assets under management, inclusive of all products as of September 30, 2022, and 40-plus years of growth equity investing experience. The firm launched BeyondNetZero in July 2021 to invest in high-growth businesses that have the potential to combat climate change at scale, specifically in the areas of decarbonization, energy efficiency, resource conservation, and emissions management solutions.
“UBC Investment Management spent considerable time evaluating opportunities over the past year that would yield strong economic returns while also being able to more directly accelerate solutions designed to assist the global economy reach emissions targets under the Paris Agreement,” says CEO Dawn Jia. “Using the influence of the funds we manage to help fight climate change is central to our responsible investing approach, and BeyondNetZero aligns with that approach.”
“We created BeyondNetZero because we saw a significant opportunity for growth equity to fuel innovation and entrepreneurship focused on climate solutions,” says Lance Uggla, CEO of BeyondNetZero. “We are committed to building on General Atlantic’s decades of growth equity investing experience and leveraging the firm’s global platform to invest in companies that are expected to accelerate the global net zero transition, and we are thrilled and grateful to have UBC Investment Management, who shares our commitment to addressing climate change, join us in this important work.”
Globally, much of the focus from the investment community has been on finding ways to reduce the carbon intensity of their portfolios by avoiding companies and sectors altogether. UBC Investment Management seeks to leverage all options to manage climate change investment risk which includes investments seeking to benefit from the climate change transition. BeyondNetZero invests in companies that actively provide products and services designed to help the global economy achieve commitments under the Paris Agreement, while also seeking to generate superior risk-adjusted returns.
About UBC Investment Management
UBC Investment Management is the investment office responsible for managing the University of British Columbia’s Endowment and Working Capital funds and the assets of the UBC Staff Pension Plan. UBC Investment Management implements its investment strategy through a “manager of managers” approach, seeking out and investing in investment funds operated by the world’s foremost money management professionals. As part of its Responsible Investing Strategy, UBC Investment Management seeks partnerships with innovative, skilled active managers with a proven ability to integrate ESG considerations into their investment process while still meeting key performance and risk management criteria.
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