Global asset manager Algebris Investments announced today the launch of Algebris Climatech, a new fund aimed at investing in climate and deep tech startups across the energy, materials, industrials, and food sectors.

Algebris Climatetech is the first venture fund by Algebris, and follows the launch by the firm of its first private equity fund, Algebris Green Transition, focused on sustainable transformation investments, which reached €380 million in commitments at its final close in September 2024. The funds form part of Algebris’ Milan-based green transition-focused unit, launched in 2021.

Algebris said that it has raised approximately €60 million for the new venture fund at its first close, with a target to raise €100 million. The fund includes CDP Venture Capital as a key investor, through its Technology Transfer Fund and Green Transition Fund-PNRR, which invests assets allocated by the EU through NextGenerationEU.

The new strategy, classified as Article 9 under the EU’s SFDR regulation, will seek to build a focused portfolio of 15-20 positions in climate and deep tech companies with strong growth prospects and the potential to become category leaders, targeting the most promising projects from sources including university research, and to support portfolio companies into their market expansion phase.

Management of the fund will be led by Algebris Investment Director Marco Turchini, alongside Managing Partner Alessandro Santo and Partner Stefano Ferrari.

Tuechini said:

“We are proud to launch the first venture capital initiative of Algebris Investments. We believe that Algebris Climatech is uniquely positioned to seize remarkable opportunities in Europe’s climate and deep tech sectors, thanks to our extensive experience and synergies within the wider Algebris group. Algebris prides itself on investing in strategies in the Italian mid-caps space as well as the green transition. Our aim is to build an international venture capital platform, which is founder friendly and supportive of Italy’s small business growth.”