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BFD Expert Voices - Climate Deals

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Veriten, an energy-focused research and investment firm, raised $105 million in an initial close of its second fund, CEO Maynard Holt tells Axios Pro.

Why it matters: The raise has outstripped Veriten's debut $85 million fund from 2023.

Zoom in: Veriten plans to back 15 startups through Fund II, writing first checks of $5 million to $10 million.

It'll invest as both lead and follow-on, targeting energy technologies broadly instead of decarbonization specifically. 

What they're saying: "Investments that are resilient through regime change" are critical, Holt says. 

State of play: Veriten began raising in January, setting a hard cap of $250 million, and the first close came in March, partner John Sommers says. 

Corporates make up about 75% of fund commitments so far, with the rest split between energy-sector CEOs and the firm's partners.

Sommers says the fund aims to reach final close by the end of the year or early 2027, given the current fundraising environment.

Context: A raft of energy-focused investment firms launched fundraises around the start of the year, hoping to be propelled by sunny IPO expectations after a dismal 2025.

Many of those raises have been enough to close on their capital commitments but remain short of their targets, investors tells Axios Pro. 

"The fundraising environment is certainly not optimal," Sommers says.

The latest: Veriten this week closed its first Fund II investment. It backed industrial software developer Fundamental AI, which is raising a Series A round.

Energy investor Veriten raises $105M in first close of Fund II

The Houston-based firm has set a hard cap of $250 million.

Illustration of a dollar sign with an electric bolt through the center

Veriten, an energy-focused research and investment firm, raised $105 million in an initial close of its second fund, CEO Maynard Holt tells Axios Pro.Why it matters: The raise has outstripped Veriten&#x27;s debut $85 million fund from 2023.

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Energy investor Veriten raises $105M in first close of Fund II

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