Generation Investment Management LLP raised US$1 billion for its Generation IM Sustainable Solutions Fund III LP at closing.

The dedicated sustainable investment firm, co-founded by Al Gore, said the fund will enable it to make minority investments of US$50 million to US$150 million in innovative businesses with high growth potential.

The Generation Sustainable Solutions Fund will specifically invest in growth-stage businesses with a focus on planetary health, or low-carbon solutions transforming mobility, food, energy and enterprise; people health, or those promoting health outcomes and a lower-cost healthcare system; and financial inclusion, or those supporting access to capital and an equitable future of work, according to a news release.

Generation said the fund is its third and largest in its growth equity strategy and is backed by global and diverse institutional investors. The growth equity team has a presence in London and San Francisco and represents eight nationalities. The firm noted that about 60% of the team is female.