Bloomberg Philanthropies -- the charitable vehicle for Michael Bloomberg -- has supported CREO. Bloomberg is the majority owner of Bloomberg LP, which is the parent company for Bloomberg News. He’s also a co-chair of the Risky Business Project, an effort to highlight the economic costs of runaway climate change.

Committed Capital

Last year members of CREO -- which stands for clean technology, renewables and environmental opportunities -- committed $300 million over the next five years to energy and environmental investments. CREO Syndicate is looking to invest $2 billion over the next five years, according to today’s statement.

Family offices have the long-term capital and flexibility to take risks that can help plug the gap in funding or financing environmental investments, said Whittaker.

The new network is invitation only and includes family offices and foundations, as well as some sovereign wealth funds. Participants take different approaches to investing in the space. Some seek early-stage, breakthrough companies while others arrange project financing and take stakes in established companies, said Day.

“I liken it to a super duper angel group,” he said.

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