CPE News (9.13.2022) – Idealist Capital has held first closing of Idealist Climate Impact Fund LP with capital commitments totalling $250 million.
Limited partner investors include Desjardins, Investissement Québec, Fondaction, TD Bank and National Bank of Canada, a group of prominent family offices and accredited investors.
With a cap of $500 million, Idealist Climate Impact Fund remains open for additional commitments.
Idealist Climate Impact Fund is a North American fund with a primary focus on the Canadian market. Its mission is to empower entrepreneurs to accelerate the energy transition. The Fund will provide businesses with growth capital to accelerate the commercialization of proven solutions which generate positive climate impact.
Led by Founding Partners Pierre Larochelle and Steeve Robitaille, Idealist Capital is an investment firm focused on accelerating the energy transition by providing growth capital to entrepreneurs across North America, with a primary focus on the Canadian market. Idealist Capital supports businesses whose activities enable positive climate impact across one of three themes – (i) the decarbonization of power supply, (ii) the electrification of transportation, and (iii) the decarbonization of industrials and circular economy.
photo credit: Idealist Capital
News Release
Idealist Capital Announces the First Close of its Climate Impact Fund
Idealist Capital Will Invest Growth Capital with Entrepreneurs to Accelerate the Commercialization of Proven Solutions which Generate Positive Climate Impact
MONTREAL, Sept. 13, 2022 /CNW Telbec/ – Idealist Capital is pleased to announce the first closing of the Idealist Climate Impact Fund LP (“the Fund”) with capital commitments totalling C$250 million.
Idealist Capital is a North American fund with a primary focus on the Canadian market. The Fund’s mission is to empower entrepreneurs to accelerate the energy transition. The Fund will provide businesses with growth capital to accelerate the commercialization of proven solutions which generate positive climate impact.
As part of its first close, the Fund is pleased to welcome Desjardins, Investissement Québec, Fondaction, TD Bank and National Bank of Canada, as well as a group of prominent family offices and accredited investors. Idealist Capital has set a cap of C$500 million in total capital commitments and remains open for additional commitments.
The Idealist Capital team, led by Founding Partners Pierre Larochelle and Steeve Robitaille, brings decades of combined investment and operational experience, with a differentiated track record in energy transition and helping entrepreneurs navigate various stages of growth. The Fund also benefits from a strong bench of Strategic Advisors already involved in the fight against climate change across the energy and transportation sectors, as well as the circular economy.
“We are grateful to our investors for their partnership and trust,” said Pierre Larochelle. “Having been actively involved in the climate impact ecosystem for over a decade, the urgency and the opportunity to widely commercialize innovative solutions in the fight against climate change are unequivocal. Idealist Capital will help fill a market need by supporting growth stage businesses whose activities contribute to decarbonization.”
“Much of the energy transition will come from solutions which are proven today and require significant capital to scale,” said Steeve Robitaille. “Idealist Capital is already building relationships with businesses who have solutions which are ready to be deployed. We are excited to support entrepreneurs who are aligned with our mission, with an objective to contribute to the success of many sustainable platforms.”
“Desjardins is proud to be a part of the Idealist Climate Impact Fund. As an organization, we see fast-tracking the energy transition as critically important to contain global warming and reduce the impacts on our members and communities. That’s why Desjardins plans to achieve net zero emissions by 2040 for our lending activities and own investments in 3 key carbon-intensive sectors of the economy: energy, transportation and real estate. We also want to give businesses the support they need to make this transition,” said Guy Cormier, President and CEO of Desjardins Group.
“The team at Idealist Climate Impact Fund combines expertise that promotes the implementation of sustainable decarbonization solutions with emerging companies in key areas of the economy. It’s natural for Fondaction, a forerunner in sustainable finance, to participate in the first closing of Idealist’s fund. This financial partnership will contribute to the positive transformation of our society in Quebec and across North America,” said Marc-André Binette, Deputy Chief Investment Officer of Fondaction.
“We are pleased to help continue the advancement of energy transition and entrepreneurs through our investment in the Idealist Climate Impact Fund,” said Drew MacIntyre, Vice Chair, TD Securities. “This investment forms part of TD Securities’ Principal Investing Strategy, established in September 2019, and is aligned with the TD Ready Commitment, the Bank’s corporate citizenship platform, which supports the transition to a lower carbon future and contributes to building a more sustainable tomorrow.”
“At National Bank of Canada, we firmly believe that the energy transition challenge is also an opportunity for innovative entrepreneurs and businesses to help shape a better world. To succeed, our entrepreneurs need capital and sound business advice, and we believe that Idealist Capital is well positioned to help. We are pleased to assist this team of seasoned investment professionals support our entrepreneurs in their quest for energy transition solutions,” said Martin Robitaille, Managing Director, Head of Investment Banking Quebec and Global Power, Utilities & Infrastructure at National Bank of Canada.
If you are an entrepreneur wanting to scale a product or service that significantly reduces the greenhouse gas (GHG) footprint of your industry, avoids GHG emissions into the atmosphere, accelerates the energy transition or otherwise is materially beneficial to the fight against climate change, please contact us at info@idealist.capital.
About Idealist Capital
Idealist Capital is an investment firm focused on accelerating the energy transition by providing growth capital to entrepreneurs across North America, with a primary focus on the Canadian market. Idealist Capital supports businesses whose activities enable positive climate impact across one of three themes – (i) the decarbonization of power supply, (ii) the electrification of transportation, and (iii) the decarbonization of industrials and circular economy. The Firm has a dual mandate to achieve excellent risk-adjusted returns while scaling solutions which are beneficial to the climate. Idealist Capital underwrites its carbon impact and integrates critical non-financial KPIs in its asset management process to build sustainable platforms. To learn more about Idealist Capital, visit www.idealist.capital.
SOURCE Idealist Capital
For further information: If you are an entrepreneur or journalist seeking to communicate with Idealist Capital, please contact: Chloé Evans, Idealist Capital, E-mail: evans@idealist.capital