Wellington Boosts Focus on Climate Change With New Venture Hires
(Bloomberg) -- Wellington Management is bolstering its sustainable investing in private markets with the addition of two veteran venture capital executives at the more than $1 trillion asset manager.
Greg Wasserman, who was head of venture at Michael Novogratz’s Galaxy Digital, and Sean Petersen, who was a general partner at the AI Fund, are joining Wellington as senior investors focused on fast-growing companies developing products and services that help mitigate and adapt to climate change. They’ll be part of the firm’s private investment group, according to Michael Carmen, who co-heads the business.
“There are billions of dollars that are being invested and created around solutions to address the ramifications and the effects of climate change,” Carmen said Tuesday in an interview. “This is extending our capabilities earlier in the chain so that we truly understand the dynamics of changes that are happening in climate mitigation and adaption on the private side.”
Boston-based Wellington was founded in 1928 and is known for serving institutional clients and sub-advising active mutual funds for firms. It already has a team of 32 dedicated to environmental, social and governance-related issues across portfolios and has been focused on climate investing more broadly for 14 years. In December, the firm joined asset managers including Fidelity Investments and UBS Asset Management to support efforts to limit global warming.
Wasserman has 20 years of venture and growth investment experience, most recently at Galaxy Digital and earlier at Generation Investment Management, the sustainability-focused investment firm co-founded by former U.S. Vice President Al Gore. At the AI Fund, Petersen focused on early-stage venture capital. Prior to that, he worked at the International Finance Corp. and was a director at Good Energies, where he focused on clean energy venture investments.
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