VantagePoint Raising $1B Late Stage Cleantech Fund

VantagePoint Venture Partners is raising $1 billion to invest globally as cleantech companies seek to expand their operations on a commercial scale, peHUB has learned from a source with direct knowledge of the fund-raising effort.

Greentech Media was the first to report on the fund, but it said the target was $1.5 billion. peHUB‘s source says the target is, in fact, $1 billion.

The firm in December filed an SEC document about the fund, called VantagePoint CleanTech Partners III LP, but that document did not disclose a target amount.

VantagePoint officials said they were unable to comment on the fund-raising claims.

The fund will be VantagePoint’s third cleantech fund and its largest. It raised a $444.2 million cleantech fund in 2008 and a $100 million cleantech fund in 2006, according to Thomson Reuters, publisher of this blog.

Our source say VantagePoint senses an opportunity to scale and commercialize cleantech businesses that have already received a couple rounds of funding.

There are numerous such cleantech companies at this stage and many are growing rapidly. Their next step is to build factories, construct plants and put in place large-scale supply chains.

The new fund is reported to deploy as much as half of its cash abroad.