PitchBook-私募股权基金_升温还是降温_（英）-2025_22页_1mb

Analyst Note: Climate PE Funds: Heating Up or Cooling Down?
Introduction
Over the past decade, climate and energy transition investing has become a major focus in private capital. Climate-related PE funds are defined as those investing in companies that mitigate or adapt to climate change, including sustainable alternatives to conventional technologies. The analysis covers capital trends, performance, and future outlook.

Capital Trends
From 2009 to Q1 2025, 260 specialist PE funds raised $80.3 billion. Including generalist funds, the total capital committed reached $488.1 billion. Europe and North America dominate fundraising, while Asia's share aligns with overall PE trends. Specialized funds saw explosive growth, raising $23.1 billion in 2022, though overall fundraising slowed in 2024 due to political opposition.

Performance and Drivers
Early vintage funds underperformed due to immature technologies (e.g., renewables, CCUS). Later funds benefit from technological advancements, supportive policies (e.g., US Inflation Reduction Act), and shifting consumer preferences. Government spending and stricter environmental regulations have amplified opportunities, though geopolitical tensions and U.S. policy rollbacks pose risks.

Segments and Deal Patterns
Key segments include carbon tech, sustainable industry, consumer products, food/agriculture, mobility, and built environment. Deal activity favors late-stage VC and buyouts, with early-stage investments increasing due to climate startups. PE growth/expansion funds focus on scaling renewable energy and battery storage.

Outlook
Despite political challenges, demand for climate PE funds persists. By 2029, AUM is projected to reach $563 billion. Competition and reduced government support may hinder growth, but enduring needs like clean energy and sustainable mobility ensure resilience.