Market Forces Change DCVC’s First Climate Fund Goal to $500M
DCVC wanted to raise $500M for its first climate fund, but the market had other plansDCVC’s target for its first climate-focused fund, DCVC Climate Select, has been all over the place and highlights the roller coaster venture fundraising conditions of the last few years, and how LPs aren’t as quick to back new strategies from established managers.
The Silicon Valley VC firm launched the fund in December 2022 with a $500 million target, according to a SEC filing.
This climate fund is targeting climate startups at the mid-stages where the firm thinks the climate startup ecosystem is currently underfunded, according to materials from a recent New Mexico State Investment Council meeting where the GP presented.
Tiger Global’s latest fund raised $2.2 billion of its $6 billion target.
In the first half of 2023, firms including Founders Fund, Insight Partners and TCV all slashed their fund targets.
