After teasing us with a mysterious fifth GP in July, neatly wrapped in its €150 million climate stimulus fund announcementClimentum (climate+impulse) Capital has pulled back the curtain and revealed that the soon-to-be former head of ABB Electrification, Malin Carlstrom like a shrouded figure.
“I always invest in what I define as ‘future-proof’ growth stories. Now, it makes perfect sense for me to be part of the founding team of a climate technology fund that will be “future-proof,” Karlström explained.
“Clementum Capital operates under the Article 9 rules and the actual effect of CO2 reduction affects our interest as the fund has a dual carry structure. I believe our approach and reporting will create significant value for founders and LPs alike as impact accounting requirements become more complex and demanding.”
Joining as the fifth and final partner, although not exactly a 50/50 split, the addition of Carlström brings Climentum to a 40/60 ratio at the General Partner level. However, when reduced, the Climentum factor of 40% is much higher than the European one average 15% of women at the general partner level. Going even further, only 70% of women are in business, which means that in a situation like Clementum’s 5 GPs, 4 out of 5 members will be men, resulting in zero women involved in either investment decisions or financial returns.
“There are three keys by which companies can be controlled; board membership, ownership agenda and funding opportunities. The representation of big capital gives influence on all these measures,” Karlström commented. “I expect, not least, public records to lead the way when it comes to supporting various foundation teams; why should public funds be distributed in such a blatantly distorted manner as they are now?”
The announcement of Carlström’s appointment was previously reported by GP Dorte Hirschberg commented, “Having two strong women on the founding team was very important to both of us. Climate investment can only be tackled by diverse teams in terms of gender as well as experience. The Climentum team consists of engineers and business graduates, investors and ex-operators, impact and investment experts. We’re ensuring these diverse perspectives are preserved even as we now expand the team beyond the partner team.”