TRIREC, a Singapore-based investment holding company, today announced the first close of US$66mn in subscriptions to its decarbonisation fund, TRIREC Venture I.
With the fund’s first close, TRIREC is bringing together a unique blend of capital from family offices and institutional investors aligned to positively impact climate change and invest in founders building global generational businesses.
TRIREC Venture I initially set out to raise US$75mn in total capital commitments, and the cap has been increased to US$100mn given the successful first close raised in a span of four months. The first close was effected in August 2022, and TRIREC expects to hold a final close by the first half of 2023.
TRIREC started in 2015 with decarbonisation as its key mandate by founders Melvyn Yeo and Lawrence Wu. As one of the first and earliest climate-focused fund managers in Singapore, TRIREC allocates early-stage venture capital to exceptional partners and start-ups in contributing to a healthier planet and stronger communities while delivering suitable risk-adjusted returns to investors and stakeholders.
At TRIREC, there is a unified belief that survival as a planet rest upon humankind’s ability to adapt and change. Change can only be meaningful when it is driven by clarity, which is why we started investing in businesses on the leading edge of decarbonisation well before it became commonplace. With today’s announcement, TRIREC now manages in excess of US$120mn across two pools of capital.
Since 2015, TRIREC has backed 18 portfolio companies that sit on the frontier of decarbonisation, developing breakthrough technologies that prevent, sequester or reduce greenhouse gas emissions. The firm has witnessed a significant shift in the last decade where the number of climate-related deals have grown together with the intellectual capital driven by regulatory pushes towards climate impact.
Amidst the growing focus on decarbonisation, three of TRIREC’s portfolio companies have obtained unicorn status, which supports the firm’s objective of being a global leading investment management firm while enabling a green future for generations that follow.
TRIREC Venture I is an early-stage VC fund launched in early 2022 that has a singular focus on decarbonisation investments around the five sectors that have been scientifically proven to produce the majority of greenhouse gas emissions and hence, contribute significantly to climate change. These are in electricity and power generation, mobility and transportation, food and agriculture, buildings and industries.
The fund invests globally and commits to portfolio companies typically fundraising for their Pre-Series A to Series B investment rounds. The fund has backed 12 portfolio companies to date including Xpansiv, which offers a global market for ESG-inclusive commodities, Aether Diamonds – the world’s first diamonds made from air, battery rejuvenation technology firm Green Li-ion, and Ekona Power which focuses on breakthrough turquoise hydrogen technology.
TRIREC Venture I continues the pursuit of investments that benefit from the entrepreneurial experience of the firm’s investing professionals and the strategic relationships developed with fellow climate investors since 2015 as one of the few decarbonisation-focused climate funds located in Asia that invests globally.
“The last two years have seen a big paradigm shift as broad themes such as ESG, sustainability, and climate change have become focal points for all areas of society,” said TRIREC Managing Partner Melvyn Yeo. With the maturity of the decarbonisation sector reaching an inflection point, our deep experience as one of the pioneers and thought leaders in the space sets us apart. We continually deliver top-tier investment performance while staying true to our mission of advancing the climate change agenda.”
TRIREC Venture I’s first close received subscriptions from some of Asia’s most involved family businesses which have committed to building sustainability and climate action into their businesses. A majority of them have made substantial public commitments to improving their climate footprint and work closely with TRIREC to adopt breakthrough technologies across the five verticals.
“As a founder-led, founder-focused fund, TRIREC shares a sense of purpose not only in solving the world’s environmental challenges but also to select, support and guide innovators who took on the entrepreneurial risks in order to actualise their vision,” said TRIREC Partner, Mr Lawrence Wu.