Klima Capital Files $165 Million Climate Pair as Infrastructure Capital Grows

Klima Capital filed two vehicles on August 13 that together represent $165 million in dedicated climate capital. Klima Capital I LP, the domestic onshore fund, raised $138 million. Klima Capital I Offshore LP raised an additional $27 million. Both are under the management of Klima Capital Advisors LP, led by Lance Klima. The onshore-offshore structure mirrors what larger hedge fund managers use, applied here to a focused climate strategy.

The infrastructure capital wave alongside it

On the same day, Terramont Infrastructure filed three vehicles totaling $135 million: Terramont Infrastructure Opportunities Fund II LP at $65.5 million, its Cayman parallel at $44.4 million, and Terramont Infrastructure Fund II at $25 million. Michael Lehman manages the vehicles, which focus on private infrastructure assets. Infrastructure and climate capital are overlapping categories — utility-scale energy, grid infrastructure, and industrial decarbonization all sit at the intersection.

Why this matters for the climate founder ecosystem

The presence of dedicated climate funds at this scale signals that LP interest in the category has matured enough to support sector-specific fund managers. In earlier years, climate investments came primarily through generalist VC funds or impact vehicles. The emergence of specialist managers with named climate mandates — and enough LP conviction to fund $165 million onshore-offshore structures — suggests the asset class is professionalizing. That is good news for climate founders building at the intersection of hardware, energy, and software.

What this means for founders

Climate founders often struggle to find investors who understand both the long capital cycle of physical infrastructure and the software-layer opportunity on top of it. Dedicated climate managers like Klima Capital are specifically built to underwrite that complexity.

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