The Subnational Climate Fund

What they do

The Subnational Climate Fund (SCF) is a pioneering multi-stakeholder blended finance platform designed to bridge the funding gap for subnational climate projects. Managed by US-based private equity firm Pegasus Capital Advisors, the fund is supported by a consortium including the Green Climate Fund (GCF), the International Union for Conservation of Nature (IUCN), the Catalytic Finance Foundation, and Gold Standard. SCF is distinctive because it combines a $150M concessional first-loss tranche with commercial capital, alongside a dedicated $28M Technical Assistance (TA) grant facility. It is the first private equity fund to require Gold Standard certification for SDG impact prior to investment, focusing heavily on sustainable energy, waste management, and regenerative agriculture in emerging markets.

What they look for

SCF aims to catalyze transformative climate action by investing in low-carbon and climate-resilient infrastructure at the subnational level (cities, states, and regions) in developing countries, where climate impacts are most acutely felt and financing gaps are widest.

Stage

Series B+

Sectors

Climate, Food and agriculture, Mobility and logistics, Deeptech, SaaS, Consumer

Based

Geneva, CH