2015 Lab proponent Climate Fund Manager (CFM) has announced the first close of Climate Investor Two at USD 675 million. It is CFM’s second climate-focused, blended finance initiative following the establishment of its first initiative: Climate Investor One (CI1), which was developed under the Lab program. From the official announcement:

With a USD 1 billion target fund size, CI2 will provide expertise, technology, and financing to infrastructure projects in emerging markets by mobilizing private sector financing at scale, supported by catalytic public sector donor funding. Building on CI1’s focus and expertise in renewable energy, CI2 will add a focus on water, sanitation, and oceans infrastructure.

FM’s CI2 announcement was featured in an ImpactAlpha article:

The $850 million Climate Investor One was incubated by the Global Innovation Lab for Climate Finance in 2015 to streamline renewable energy projects in developing countries and entice institutional investors off the sidelines. Climate Investor Two will also invest in adaptation projects, water infrastructure and ocean-related companies. “Everything that we do as climate fund managers is to put new funds into the market that have scale and the ability to absorb private sector funding,” Climate Fund Managers’ Georges Beukering told ImpactAlpha.