Not all venture capitalists are fleeing the cleantech sector. On Tuesday The Westly Group — the fund managed by former California controller Steve Westly — announced that it’s closed on a $160 million fund that it will invest into cleantech companies. The firm raised funds from investors like Citi, E.ON and SK Group.
The firm’s previous fund was for $127 million, and the Westly Group has been working on raising this current fund for awhile (since mid 2011). Originally the fund was targeted at $175 million. The Westly Group is a little different from other investment firms in that it says its principals have invested more than $50 million of their own money into the company’s funds over the years.
The firm has been one of the more successful cleantech investors out there. Three of The Westly Group’s portfolio companies have gone public on the NASDAQ, including electric car company…
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