Pegasus Capital has held a first close for the Global Fund for Coral Reefs Investment Fund, the first commercial-scale private equity impact investment fund targeting SDG14, life below water.
The firm has collected $130m of capital commitment so far for the vehicle, with up to $125m from the Green Climate Fund and $5m from Builder’s Vision.
United Nations-supported GFCR targets $500m of impact investment fund and $125m grant fund, with the goal of generating environmental and social impacts for coastal ecosystems that house the world’s most important coral reefs.
Craig Cogut, founder & CEO at Pegasus Capital Advisors said, “We are thrilled and grateful for the commitment of the Green Climate Fund as an anchor investor and for Builder’s Vision’s contribution.
“The GFCR is an exciting new coalition, and with our many partners we plan to unlock significant private capital to invest in the reef-positive sustainable blue economy, bridging the funding gap for SDG14.”
Yannick Glemarec, executive director at Green Climate Fund said, “As a junior equity investor in the Global Fund for Coral Reefs (GFCR), the Green Climate Fund (GCF) hopes the GFCR closing will catalyze additional private capital into the GFCR Investment Fund.
“This innovative Fund will provide critical growth equity to entrepreneurs, catalyzing finance at the scale needed to protect coral reefs and the livelihoods of people in some of the world’s most climate vulnerable countries.”
Sustainability and wellness-focused private equity house Pegasus Capital had invested over $2bn across five private equity funds since its establishment in 1996.
It launched the sub-national climate fund with an anchor commitment of $150m from the Green Climate Fund. The vehicle invests in renewable energy and energy efficiency, waste and water management and nature based solutions across global emerging markets.
It raised its flagship Fund V in 2011, according to its website.
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