Private Equity

Case Studies

Clean Growth Fund

In 2022, the Climate Transition Real Assets Fund committed £10m to the Clean Growth Fund (“CGF”), a venture capital strategy investing in early-stage UK clean technology companies that support the transition to a low-carbon economy. Launched in 2022, the CGF targets a 20%+ return over its ten-year life, underpinned by a management team with a strong track record in scaling sustainable technologies.

The CGF’s portfolio spans innovative businesses delivering measurable climate impact, including low-carbon heat networks, industrial decarbonisation solutions, and advanced carbon capture technologies. Each investment is selected for its potential to generate both attractive commercial returns and positive carbon outcomes, supporting the UK’s net zero ambitions.

By backing high-growth clean technology companies at an early stage, the CGF plays a critical role in accelerating the commercialisation of climate solutions, driving job creation, and enabling the wider energy transition.

Broadwood Later Living Sustainable Construction Fund

In 2024, the Fund closed on a £25m cornerstone investment into the Broadwood Later Living Sustainable Construction Fund ("BLLSCF"). The BLLSCF is targeting an attractive risk-adjusted return of 12% from a portfolio of construction finance loans to developers of care homes and retirement living assets, as well as ensuring best in-class sustainability standards in those developments.

Throughout the origination period we engaged with Broadwood to discuss our priority goals for the underlying loans, focused on fossil fuel free development, delivering EPC ratings of A and minimising upfront embodied carbon intensity. At close, a series of mandatory requirements were embedded in the terms of the deal which developers must achieve. For an additional layer of security for our sustainability requirements, we agreed with Broadwood that if achievement in a category would not be possible for characteristics unique to a proposed property or development, then any exception to the sustainability criteria and mandatory requirements would require the absolute approval or waiver of our investment advisory committee. As of the end of 2025, all loans were performing well and were compliant with the Fund’s mandatory sustainability criteria.