G2 Venture Partners, the high-profile firm that spun out of Kleiner Perkins Caufield & Byers, is raising a third fund with a target of $750 million, TechCrunch has learned.
The raise, which was disclosed in a regulatory filing, is a bullish vote of confidence in climate and sustainability startups, while other investors have voiced cautious optimism about the fate of such companies under the incoming Trump administration.
G2VP’s limited partners in previous funds have included Daimler, Mitsui, Shell Ventures, and The McKnight Foundation. Its second fund, which ultimately hit $500 million, closed in 2021.
The $750 million target for the new fund represents a healthy step up, suggesting that G2VP thinks there are plenty of tailwinds for climate and sustainability startups to ride in the coming decade.
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