Lightsmith Group, a new firm founded by former Siguler Guff & Co. partner Jay Koh, is getting closer to launching a private-equity fund to invest in protecting communities from droughts, floods and threats from a changing global climate. The New York firm is working with the Global Innovation Lab for Climate Finance, an incubator, to develop the fund. The pilot project got the green light from the lab’s members—a network of policy makers, government officials and investors—for its next phase of work: planning to bring a fund to market.

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