Thailand's Gulf Energy commits $77m to Lightrock Climate Impact Fund

Photo by Markus Spiske on Unsplash

Thai energy major Gulf Energy Development said it has committed to invest 75 million euros (nearly $77 million) to the Lightrock Climate Impact Fund.

The fund is advised by Lightrock, a sister company of the global private banking and asset management group LGT.

It has a lifespan of 10 years and an investment period of five years, for which capital calls will be made gradually, Gulf Energy said in a statement on Wednesday.

Lightrock Climate Impact Fund targets ESG-aligned investments across energy transition, decarbonising Industries, sustainable transportation, sustainable food and agriculture, and enabling technologies and solutions.

“The investment in Lightrock Climate Impact Fund is aligned with the company’s objective to focus on investments in businesses related to renewable energy and climate management, in accordance with the global target to achieve net zero emissions by 2050,” Gulf Energy said.

Prior to the Lightrock fund, Gulf Energy’s limited partner role was in Binance Labs Investment Fund, in which the firm invested $10 million in June.

The Thai energy group had earlier established a joint venture with Binance, Gulf Binance Company Limited, to pursue a digital asset exchange in Thailand.

Lightrock, founded in 2007, “invests in companies that have developed a scalable, profitable solution to a global problem with measurable, positive social or environmental impact,” the firm says on its website.

It has made more than 85 impact investments. In Asia, its investments are primarily in India, including businesses across various impact sectors such as omni-channel healthcare platform Pharmeasy, non-banking financial company Vivriti Capital and edtech startup Scaler Academy, among others.

Lightrock has more than $3 billion in assets under management.

Last year, the firm closed its global growth impact fund, Lightrock Growth Fund I, at $900 million with investments from LGT and its private clients.

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