By Tyler Durden
Ultra-wealthy investors looking to direct vast sums of money into green investments (perhaps to atone for ‘climate sins’) have been joining in a secretive nonprofit dedicated to ‘speeding up the flow of capital into investments that can slow global warming,’ according to Bloomberg.
The club, Creo Syndicate, works with around 200 families who pay a ‘very reasonable’ flat fee to join, and must commit to making their first investment in climate and sustainability within six months, according to founder and director, Régine Clément.
Creo’s members include investor Jeremy Grantham and Nat Simmons – the son of Renaissance Technologies’ billionaire founder James Simmons. According to the report, “Part of building trust with wealthy families is keeping their secrets. In addition to Grantham and Simons, the group’s ranks include other well-known billionaires whose names Creo won’t disclose. A mantra is “no tourists allowed.”
“This is not philanthropy, this is investment,” said Clément, adding “We grow entirely through introductions. We never seek out a family.”
Creo currently has over $800 billion under management, according to the report.
Acting essentially as a mini-investment bank, the nonprofit vets approximately 300 deals per year – connecting member investors with potential partners, while researching technologies for future investments. And because Creo makes no fees on any deals, and ultra-wealthy families ‘generally aren’t trying to pitch to each other,’ “There’s not a lot of hidden agendas.”
“Members have invested in everything from batteries and hydrogen fuel to regenerative farmland and greener product packaging. Portfolios include still unproven technologies such as methods for carbon capture and true long shots like fusion reactors.”
The key to Creo’s success, members say, is how it gets very wealthy investors in the same room—or on the same Zoom call. “You have people with a decade of experience and people with a month of experience,” says longtime member Reuben Munger, a hedge fund manager who founded Vision Ridge Partners as his family office and later turned it into an investment firm. With more than $1 billion under management, it specializes in sustainable assets. –Bloomberg