11 May 2023
Carey Olsen advises on the successful launch of the Marunouchi Climate Tech Growth Fund L.P.
Carey Olsen's Hong Kong investment funds team recently advised Marunouchi Innovation Partners Co., Ltd. (MIP) on the successful launch of the Marunouchi Climate Tech Growth Fund L.P ("the Fund"). The Fund structure comprises multiple Cayman entities for Japanese and overseas investors.
The Fund will invest primarily in companies dedicated to decarbonisation through the development of climate technology. As of its initial closing, the Fund raised US$400 million in capital commitments from investors and MIP plans to increase capital commitments to US$800 million - US$1 billion by its final closing.
The Carey Olsen team advising MIP on the Cayman Islands legal and regulatory aspects of the Fund's establishment, launch and closing was led by Hong Kong partner Michael Padarin with the assistance of legal manager Dilys Hung and associate Steven Khong, working alongside Wilson Sonsini Goodrich & Rosati, P.C. on international matters and Mori Hamada & Matsumoto on matters of Japanese law.
MIP is a company jointly established by Mitsubishi Corporation, MUFG Bank Ltd. and Pavilion Private Equity Co., Ltd. and it will leverage this opportunity to help commercialise, scale up and rollout those entities’ cutting-edge technologies while supporting decarbonisation and the realisation of a carbon-neutral society.