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Kleiner Perkins in Menlo Park, California. Photo: Smith Collection/Gado/Getty Images

Kleiner Perkins’ green tech investors are back in business, this time with a spin out fund named G2VP. According to a SEC filing, it has closed nearly $300 million, which it began raising last year.

The backstory: A decade ago, Kleiner Perkins made a lot of headlines for the disappointing results of its enthusiastic clean-tech investing.

  • Since then, its core funds have kept away from the sector, but in 2008 it raised a separate Green Growth fund to focus on later-stage investing in the area, which has done fairly well, as one green tech investor described to Axios.
  • Still, it’s not surprising that the firm is spinning out this second fund into a separate brand to truly distance itself from the sector.

Green trend: G2VP says it’s backing startups that are “digitizing industry” rather than focusing on cleantech like renewable energy, as it used to be trendy. Other veteran investors in the sector are also taking these alternative approaches to investing in green tech.

Update: The firm tells Axios that this isn't the final size of its fund, merely an update.

Go deeper

Off the Rails

Episode 4: Trump turns on Barr

Photo illustration: Eniola Odetunde/Axios. Photos: Drew Angerer, Pool/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. Axios takes you inside the collapse of a president with a special series.

Episode 4: Trump torches what is arguably the most consequential relationship in his Cabinet.

Attorney General Bill Barr stood behind a chair in the private dining room next to the Oval Office, looming over Donald Trump. The president sat at the head of the table. It was Dec. 1, nearly a month after the election, and Barr had some sharp advice to get off his chest. The president's theories about a stolen election, Barr told Trump, were "bullshit."

In photos: Protests outside fortified capitols draw only small groups

Armed members of the far-right extremist group the Boogaloo Bois near the Michigan Capitol Building in Lansing on Jan. 17. About 20 protesters showed up, AP notes. Photo: Seth Herald/AFP via Getty Images

Small groups of protesters gathered outside fortified statehouses across the U.S. over the weekend ahead of President-elect Joe Biden's inauguration Wednesday.

The big picture: Some protests attracted armed members of far-right extremist groups but there were no reports of clashes, as had been feared. The National Guard and law enforcement outnumbered demonstrators, as security was heightened around the U.S. to avoid a repeat of the Jan. 6 U.S. Capitol riots, per AP.

Felix Salmon, author of Capital
8 hours ago - World

China's economy grows 6.5% in Q4 as country rebounds from coronavirus

A technician installs and checks service robots to be be used for food and medicine delivery in Jiaxing, Zhejiang Province, China, on Sunday. Photo: Hu Xuejun/VCG via Getty Images

China's economy grew at a 6.5% pace in the final quarter of 2020, the national statistics bureau announced Monday local time, topping off a year in which it grew in three of four quarters and by 2.3% in total.

Why it matters: No other major economy managed positive growth in 2020. Although the COVID-19 pandemic was first detected in China, the country got the virus under control and became one of the main positive drivers of the global economy even as the rest of the world was largely under lockdown.