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New Summit Investmentsis raising a fresh $ 100 million impact fund , according to documents charge with the SEC . The goodly new fund , should it be raised , will have it continue investing in director back startups and other company focalise on environmental and societal problems .
This is the firm ’s fifth store and marks a ample startle from the $ 40 million of its previous fund , which closed back in 2022 . New Summit invests in various other cash in hand , including venture Washington , real estate investors and infrastructure investor . It currently has $ 115 million in assets under management , concord to PitchBook .
New Summit declined to remark on the new fund ’s strategy or timing , citing security regulations . “ We establish one of the first multi - manager strategies for individual market impact investing in 2016 and are pleased to be continuing this study , ” Casey Dilloway , the firm ’s managing theater director , severalise TechCrunch .
The sizing of the new fund suggests that it is bullish that it can convince LPs to open their notecase base not only on the firm ’s investment history but also on its shock - focused plan of attack . The fund - of - funds approaching helps diminished investor place stakes by recover the best - performing business firm that also hew to their environmental and social requirement .
The SEC form indicates that New Summit is early in its fundraising process , and has n’t secured any capital commitments yet . So , this is an interesting psychometric test case on if investors still have an appetite for ESG . The minimum investment funds is $ 250,000 , the form say , point that the firm intends to go up investors of various sizes and hazard appetites .
One thing going for this fundraise is New Summit ’s interest in climate technical school , which has bucked trends in speculation capital , with pot numeration remain high throughout 2023 , harmonise to PitchBook . Last year , total investiture reach $ 41.1 billion . While that ’s off a height of $ 51 billion in 2021 , VCs say that climate remains one of two red-hot sector where flock close down fast . AI is , of course of study , the other .
Although the explicit direction on diversity , equity , and inclusion body might beunder firing from commentators , there is still a pressing need to provide chance to underrepresented founder , who be given to take more inclusive approach shot to applied science and line . New Summit has keep going marginalized fund coach by launching initiatives likeits partnershipwith investing firm Gratitude Railroad to rootage and underwrite underrepresented fund managers .
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New Summit has also invested in several diverse fund managers who specialize in climate and health , including Black Opal Ventures and Buoyant Ventures , in add-on to a chain of mountains of other mood tech VCs , including ArcTern , Al Gore ’s Generation Investment Management and Obvious Ventures .
New Summit Investments ’ was constitute in 2016 as an impingement investment house focalize on clime , health and economical chance . Its thesis adheres to the UN ’s 17 Sustainable Development goal , a framework to aid create a more equitable planet by address proceeds such as access to clean-living water , quality pedagogy and impoverishment reducing .
New Summit Investments ’ first investment firm closed for $ 20 million in 2016 , followed by $ 36 million in 2018 , accord to PitchBook .
