fortune logo icon

Kleiner Perkins Spins Out Green Growth Fund

May 03, 2017

This article first appeared in Term Sheet, Fortune’s newsletter on deals and dealmakers. Sign up here.

Kleiner Perkins Caufield & Byers has begun the process of spinning out its greentech-focused investment arm into a separate entity, Fortune has learned.

An SEC filing from last week confirms the name and the raise: A fund called G2VP I is raising capital with a target of $275 million. Partner David Mount is listed as a managing member, alongside Brook Porter, Benjamin Kortlang, and Daniel Oros. The firm has held a first close on the funds, Fortune has learned.

Mount declined to comment on the move or raise, citing SEC regulations. A placeholder website for G2VP doesn't add much in the way of context.

Kleiner Perkins initially started investing in cleantech in 2006 with a $100 million seed fund. Two years later the firm dedicated $500 million to the Green Growth Fund. The Wall Street Journal, which reported on the split in February, noted that Green Growth has $1 billion under management.

All products and services featured are based solely on editorial selection. FORTUNE may receive compensation for some links to products and services on this website.

Quotes delayed at least 15 minutes. Market data provided by Interactive Data. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions