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Illustration: Sarah Grillo/Axios

Generate Capital, a sustainable infrastructure finance and development firm, this morning announced a $2 billion fundraise from major institutional investors.

Why it matters: It's a lot of money — company representatives are calling it among the largest single private investments in sustainability.

  • More broadly, it's the latest sign of growing private cash moving into clean technology project finance and companies.

Catch up fast: Generate Capital's announcement comes on the heels of Friday's news that the investment firm General Atlantic is raising $4 billion for a growth equity fund focused on climate technologies.

  • Axios' Dan Primack has more on that announcement here.

How it works: A suite of new and existing investors are behind Generate Capital's $2 billion, led by AustralianSuper and QIC with new investment from Harbert Management Corporation, Aware Super, and CBRE Caledon and others.

  • Generate Capital owns, operates and finances projects in the energy, waste, water and transportation sectors, and the new funding will also fuel expansion into areas like agriculture and smart cities.
  • The company calls itself a "one-stop shop," with services like construction finance and co-development of projects, to name just two.

The big picture: Getting the power, transportation, industrial, building and farming sectors on a low-carbon pathway will require a lot of cash.

  • The International Energy Agency's recent analysis of pathways to net-zero global emissions by 2050 projects that annual clean energy investment needs to more than triple by 2030 to around $4 trillion.
  • Government finance is crucial, "but ultimately the private sector will need to finance most of the extra investment required," IEA said.

Go deeper

Ben Geman, author of Generate
Oct 13, 2021 - Energy & Environment

A tough reality check ahead of COP26

Data: IEA; Chart: Will Chase/Axios

A major new report provides a stark warning ahead of the UN climate summit: Yes, clean-tech deployment is really surging, but energy systems are still transforming far too slowly to rein in global warming.

Driving the news: The International Energy Agency is out with its big annual World Energy Outlook, a 386-page trove of data and analysis.

Dan Primack, author of Pro Rata
Oct 13, 2021 - Economy & Business

Scoop: Arctos raises over $3 billion to buy stakes in pro sports teams

Illustration: Aïda Amer/Axios

Arctos, an upstart private equity firm founded to buy into pro sports teams, has secured over $3 billion in investor commitments, Axios has learned. The firm originally planned to raise between $1 billion and $1.5 billion.

Why it matters: Private equity has become obsessed with pro sports, from American basketball to European soccer to New Zealand rugby. And Arctos leveraged this fervor on the fundraising circuit.

Updated 1 hour ago - World

17 U.S. and Canadian missionaries kidnapped in Haiti

Haitian soldiers guard the public prosecutor's office in Port-au-Prince this month. Photo: Richard Pierrin/AFP via Getty Images

American officials and authorities in Haiti are working to try and free 17 hostages from a U.S.-based missionary group who were kidnapped in Port-au-Prince over the weekend, AP reported Monday.

The latest: Christian Aid Ministries said in a statement Sunday, "The group of 16 U.S citizens and one Canadian citizen includes five men, seven women, and five children." The Ohio-based organization said they were on a trip to visit an orphanage when they were kidnapped Saturday.