Kleiner Perkins is planning to raise something it calls a “Green Growth” fund, to invest in later-stage cleantech opportunities. It also may do select public investments, carveouts and spinouts. This is separate from Kleiner’s existing early-stage cleantech program, which will continue unabated.
Sources tell peHUB that the Green Growth fund is expected to raise north of $400 million, and that Al Gore is among those pitching it to limited partners. During a recent LP meeting in New York, KP’s John Doerr reminded attendees that the firm had invested in the first commercial web browser just 14 years ago, which prompted Gore to caution Doerr against claiming credit for creating the Internet.
Doerr is expected to be involved in the project, but KP is also hiring a dedicated team with more experience in late-stage finance.
“They recently hired a team from the Goldman Sachs Special Situations Group that did the initial deals behind First Solar and Horizon Wind,” says Anup Gupta, a partner with the Virgin Green Fund. “It was like a five-person team, [but] two left for Hudson Capital.”
Doerr has not returned requests for comment.
We’ll have more on this story tomorrow here at peHUB, and also at our sister pub Private Equity Week. Those will be written by Alex Haislip, who did a lot of the reporting for this post (I’ll be off tomorrow)…
In semi-related news, peHUB has also learned that Kleiner has added executive recruiter Jordan Ormont as a partner. He previously was with Howard Fischer Associates International.