Climate Adaptive Infrastructure, a San Francisco-based investment firm focused on control investments in low-carbon real assets in the clean energy, water and urban infrastructure sectors, has closed its inaugural fund, Climate Adaptive Infrastructure Fund LP, raising over $825 million in equity. Alongside the fund, CAI has an affiliated co-investment program of over $200 million, for a total of over $1 billion in equity to deploy.

CAI looks to invest in real assets that support the needs of growing populations and address the physical risk, regulatory risk and political risk of the climate crisis. To date, CAI has deployed 39 percent of the fund across three investments: Intersect Power, a clean energy company, Sentinel Energy Center, an 850 MW power plant and Rye Development, a developer of hydropower generation and pumped-hydro energy storage. The firm is led by founder and managing partner Bill Green.

“The climate crisis is now wreaking increasing havoc with assets that were built for a planet that no longer exists,” comments Green. “At CAI, our mission supports the development of real assets purpose-built for the future, with the lowest feasible carbon emissions profile and designed to withstand the impacts of the climate crisis.”

FirstPoint Equity served as placement agent for CAI and Kirkland & Ellis served as legal counsel in this transaction.