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New Summit is raising a new $100 million fund to back climate tech and underrepresented fund managers
The size of the new fund suggests that it is bullish that it can convince LPs to open their wallets based its impact-focused approach.
“We launched one of the first multi-manager strategies for private market impact investing in 2016 and are pleased to be continuing this work,” Casey Dilloway, the firm’s managing director, told TechCrunch. One thing going for this fundraise is New Summit’s interest in climate tech, which has bucked trends in venture capital, with deal counts remaining high throughout 2023, according to PitchBook. Its thesis adheres to the UN’s 17 Sustainable Development Goals, a framework to help create a more equitable planet by addressing issues such as access to clean water, quality education, and poverty reduction.
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