Breakthrough Energy Ventures (BEV), backed by Bill Gates, raises $839 million for the third climate fund

Breakthrough Energy Ventures (BEV), which is backed by Bill Gates, has raised $839 million for BEV III, its third flagship fund, according to a recent regulatory filing. This makes it the biggest climate fund to be closed in 2024 thus far. 

The second fund, BEV II, closed in July 2023 after raising $1.25 billion in 2021. The company then established BEV III.

In 2016, the $1 billion mark was reached for its first fund, BEV I.

LPs have demonstrated a significant preference for early-stage climate funds, even as they withdraw from other sectors; nevertheless, the ultimate aim for the new fund is yet unknown.

Investors in the company include Reid Hoffman, a co-founder of LinkedIn, Jack Ma of Alibaba, and Jeff Bezos, the creator of Amazon.

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