Virgin’s Green Fund Gets $199M
July 6, 2008 · Print This Article
We swoon over Sir Richard Branson. /swoon. The billionaire ‘British adventurer’ (that term again!) pledged to invest $3 billion in alternative energy projects over a decade back in September ’06, and he’s pulled in his first round of funding to the tune of $199 million. He set up the Virgin Green Fund (VGF) as a way to make investments in renewable energy and resource efficiency.
From the Financial Times:
VGF has raised $199m from Virgin and institutional investors in its first close, according to a filing with the US Securities & Exchange Commission. The fundraising followed a global roadshow and a second round of investment, targeting a similar size of funds, is expected. Virgin has a minority stake in the VGF management company.
The presence of a UK local authority pension fund among VGF’s investors comes as British pension funds are allocating an increasing proportion of their assets to so-called alternative investments.
VGF is close to finalising a deal worth more than $40m to buy DuraTherm, a Texas-based petroleum and metal recycling business, from its founding shareholders. The transaction would mark a rare leveraged buy-out for the clean technology sector.
It’s so refreshing to see sickeningly rich people use their money and power to do something good for the world, instead of just building a ridiculous collection of yachts and automobiles.
Link [Financial Times]
Photo credit: David Yellen
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I think I have a man-crush on Sir Branson!! Just kidding.
The guy represents an extremely small percentage of high-power money that actually seem to be putting the world’s future at almost the same level of importance as their wallets. I have an article here about his latest venture into eco resorts…check it out.
http://www.terracurve.com/2008/07/03/richard-branson-developing-caribbean-eco-resort/
Also, space exploration. I know giant fecking rockets aren’t eco-friendly, but I’m a geek through and through, and this guy does stuff I fantasize about if I were rich. Not to mention a lot of the technological advancements of space research ARE green (like solar panel design, etc.), and it inspires generation after generation to learn. But this guy does it on his own…
“If I had a billion dollars, I’d fund my own personal space exploration research and engineering projects!”
Sounds fantastic indeed, but this guy DOES it. Hell yes.
Yes, Mr. Branson seems to care about Earth… I hope that many other artists follow his “footprints”… However, we can every day influence someone to think twice and again about their environmental responsibilities as a resident of this planet, not only users of resources. I believe the behavioral change comes only after we digest that we are borrowing this planet from the future inhabitants.