After teasing us with a mystery fifth GP back in July wrapped neatly inside its €150 million climate momentum fund announcement, Climentum (climate+momentum) Capital has pulled back the curtain and revealed soon-to-be former Head of Ventures, ABB Electrification, Malin Carlström as the shrouded figure.
“I always invest in what I define as “future proof” growth stories. It makes total sense for me now to be part of the founding team of a “future proof” climate tech fund,” explained Carlström.
“Climentum Capital operates under Article 9 regulations and the fund’s factual CO2 reduction effect has an impact on our carried interest, as there is a dual carry structure in the fund. I believe our approach and reporting will create significant value to both founders and LPs, as the requirements on impact accounting just keep getting increasingly complex and demanding.”
Coming aboard as the fifth and final partner, while not a completely even 50/50 split, the addition of Carlström brings Climentum to a 40/60 ratio at the General Partner level. However, when zooming out, Climentum’s 40% ratio ranks well above the European average of 15% of women at the General Partner level. Going one step further, only 70% of women carry the cases, meaning, in a situation like Climentum’s 5 GPs, 4 out of 5 members would be men, resulting in zero women having input in both the investment decisions nor the financial returns.
“There are three keys by which to control companies; the board membership, the ownership agenda, and the funding capabilities. Representing the large capital gives an influence on all these measures,” commented Carlström. “I expect not least public LPs to lead the way when it comes to supporting diverse fund teams; why should public funds be allocated in the conspicuously skewed way it is now?”
On the announcement of Carlström's appointment, previously revealed GP Dörte Hirschberg commented, “It was crucial for both of us to have two strong women within the founding team. Climate investing can only be tackled by diverse teams in terms of gender, but also expertise. The Climentum team consists of engineers and business graduates, investors and former operators, impact and investment experts. We will ensure to keep these diverse perspectives also when we now extend the team beyond the partner team.”