Kleiner Perkins, the green-leaning venture capital firm, is reportedly raising a “green growth” fund of more than $400 million for investment in later-stage, less risky cleantech startups, says Pehub.com (full story on Pewnews.com). The firm has already allocated a good third of its $600 million main fund to technologies that aim to reduce emissions of carbon dioxide, and this additional money makes the firm’s purse for cleantech one of the bigger among its green VC peers.
The folks at Pehub.com say Kleiner partners John Doerr and Al Gore have been actively pitching the fund, which would do both private and public investment, to potential limited partners. And the firm has reportedly already hired an exec from Goldman Sachs to help manage the fund.
Several venture firms and angels that focus on cleantech have been investing a lot of funds into very early stage, risky startups, with promising technology in the lab but a long and questionable timeline to product, let alone profitability. Khosla Ventures, Kleiner Perkins and Mohr Davidow come to mind as notable early investors.
Perhaps focusing on later-stage, already-established companies that have already started generating revenue will turn out to be a smart move for Gore and Doerr’s new fund. The firm didn’t exactly hit any home runs last year.