DailyCaller.com:
Envronmentalists cheered as the Rockefellers, heirs to a fortune built on oil, announced they would divest their charitable fund of its fossil fuel holdings in the name of fighting global warming.
No one was more excited than former Vice President Al Gore, who used Rockefeller’s divestment as proof to world leaders that coal, gas and oil investments weren’t going to be economical in the future.
Gore had other reasons to cheer the Rockefeller Brothers Fund’s decision to divest — his own “green” investment firm would be a primary beneficiary of the nonprofit’s decision to ditch fossil fuels.
The $811 million Rockefeller Brothers Fund began divestment in September 2014, and has since lowered its fossil fuel holdings to 4.5 percent of its endowment value, according to its annual report. As part of its divestment efforts, RBF said it will invest 10 percent of its endowed assets into investments with “measurable impact aligned with its mission.”
One of those “mission-aligned” investments just happened to be a London-based investment firm founded and run by Gore. It’s unclear exactly how much RBF has invested with Gore’s firm, Generation Investment Management, but the nonprofit has committed $67.5 million to such funds.RELATED: NOAA Global Warming Study Under Fire
“Since its divestment announcement, the Fund has invested in four impact investing funds: Generation Climate Solutions Fund II, Turner Multifamily Impact Fund, Elevar Equity III, and Vision Ridge Sustainable Asset Fund,” RBF disclosed in its annual report (emphasis added). “A total of $67.5 million has been committed to these funds, of which approximately $7.2 million has been deployed through July 31, 2015.”
Gore’s $750 million Generation Climate Solutions Fund II is a “green” investment fund incorporated in 2014 in the Cayman Islands that’s sold $42 million to eight U.S. investors, according to the fund’s Securities and Exchange Commission filings. The fund requires a $3 million commitment from outside investors.
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