私募股权基金：升温还是降温？（英）2025

Climate PE Funds: Heating Upor Cooling Down?Fundraising and performance trends in private equityclimate fundsPitchBook is a Morningstar company providing the most comprehensive, mostaccurate, and hard-to-find data for professionals doing business in the private markets.Key takeaways•As allocators have experienced more stakeholder pressure to decarbonizeportfolios and the climate-related investment opportunity set has expanded andbecome more attractive, generalist and specialist funds investing in the themeraised a total of $488.1 billion between 2009 and Q1 2025.•Climate PE specialist funds have become more popular over the past five years asfund managers have seen the value in developing more concentrated expertisein the space given its expansion and growing technological sophistication,combined with increased allocator interest. As a result, specialist funds raised$62.6 billion from 2020 to Q1 2025.•Although early climate PE funds broadly underperformed, more recent vintageshave had an improved return profile, performing roughly on par with the greaterPE universe. This is largely due to improved technology, shifts in fossil fuelsupply, more stringent environmental regulation, and consumer preferencesshifting toward sustainability.•Despite political, macroeconomic, and market headwinds, the long-term casefor climate PE remains intact, with enduring structural demand, maturingtechnologies, and generational shifts in consumer and investor behaviorpoised to bring AUM from $463 billion at the end of 2024 to a projected $563billion by 2029.•This note contains a market map of the major GPs and allocators investingin the climate PE space, with full investor lists accessible to clients via thePitchBook Platform. 1 124710141620 IntroductionOver the past decade, thematic investing in the climate and energy transitioncategories has become popular across several private capital strategies asgovernments, investors, and their stakeholders have come to take the climate crisisand its opportunities more seriously. We have previously covered fundraising andperformance trends among climate-investing funds in VC and infrastructure in our2024 Climate Tech Funds ReportandInfrastructure Funds Fuel the Energy Transitionanalyst note, analyzing the specific forces that have shaped them over the pastdecade or so and into the present. Now, with our new climate PE fund dataset, wehave the ability to cover the last of the three strategies in which climate investing ismost prevalent and impactful.As in our Climate Tech Funds Report, we employ a more comprehensive definitionof climate-related investing than we did in our infrastructure note, including areasbeyond just renewable energy and carbon technology to encompass sustainablefood and agriculture, consumer products, mobility, land use, industry, and otherrelated areas. Climate-related investments, for the purposes of this analyst note,are defined as those made in companies whose technologies, products, or servicesplay a role in the mitigation of or adaptation to climate change, including throughthe provision of more sustainable or less environmentally harmful alternatives toconventional technologies, products, or services. Although this note focuses onPE funds, the investments made by these funds can range from early-stage techstartups to the mature, asset-heavy types of businesses that one may expect to findin an infrastructure portfolio, so there is some overlap in the types of companiesin climate PE portfolios and those in VC and infrastructure funds. A full list of theincluded segments and their definitions is outlined in the“Methodology”section ofthis note.Allocator appetite for sustainable investment strategies has grown over the pastdecade and a half, driven by internal impact goals, stakeholder pressures, andthe belief that these strategies are increasingly positioned to perform well. Atthe same time, fundraising for climate-investing PE funds—both generalists thatdeploy capital across multiple themes and specialists that invest exclusively oralmost exclusively in climate-oriented businesses—has increased considerably. Inthis analyst note, we examine the growth trajectory of climate PE fundraising andAUM, assessing where capital has been directed and why. We explore the dynamicsbehind the rise of specialist funds, including LP demand, the expanding opportunityset, and increasingly available GP expertise, and analyze how particular trendshave influenced which PE substrategies specialists use to invest in this theme. Weanalyze return dispersion across vintages and reveal key return drivers, such aspolicy support, shifting energy market dynamics, changing consumer preferences,and GP specialization. Lastly, we provide a detailed landscape of noteworthy fundmanagers and capital allocators shaping the future of climate PE. 2 Climate PE segments•Ecosystem health & monitoring hardware& software•Reforestation & biodiversity projectsSustainable food & agriculture•Sustainable anima