Fact panel
| Investee: Wind Capital Fund II | Investor: Telos Climate Fund (-of-Fund) |
|---|---|
| Sector: Climate Deeptech (Environment) | Range of Investment tickets: >€1 million (€1 - 7 million) |
| Type of organisation : Venture Capital Fund (French FPCI legal structure) | Sector : European Climate funds |
| Targeted fund size: €120 million | Type of investor: Multiple Private investors base |
| Type of investee: C | Type of investment: Venture Capital / Growth equity funds |
| Country of investee: France | Expected return (of the fund): Above market return (>12% net annual IRR) |
| Investment strategy: impact investing | Specifics: SFDR 9 funds with an impact objective |
| Ticket size of the investment : €5 million | Some LP’s: Belgian, French, German private investors |
| Year of investment: started in 2024 |
The what: Wind Capital, a deeptech B/C fund accelerating the Green transition
Problem addressed
The underfunding of early-stage deeptech companies vital to the green transition represents a structural gap in the European investment ecosystem. While Europe has strong research and technological capabilities, many groundbreaking innovations in areas like clean energy, sustainable materials, carbon capture, and energy storage struggle to reach commercial scale due to high risk, long development timelines, and capital intensity. Traditional venture capital often shies away from these complex technologies because they require patient, technically informed capital and strategic guidance. This leaves many breakthrough climate solutions stranded in early development, unable to attract the patient, expert-driven capital and strategic support they need to succeed.
Solution provided by Wind Capital Fund II
Wind Capital Fund II is a €120 million French deeptech fund focused on backing breakthrough technologies that drive the green transition across Europe. Headquartered in Paris, the fund is led by a seasoned team of entrepreneurs and engineers who bring both deep technical expertise and firsthand experience of the challenges faced by start-ups. Widely respected in the French tech ecosystem, the team has built a strong track record in deeptech investing over the past decade.
A key strength of Wind Capital lies in its unique network of 120+ entrepreneurs, which fuels access to high-quality deal flow, enriches due diligence with practical insights, and enables hands-on support for portfolio companies. This powerful community of founder-investors positions the fund as both a source of smart capital and a strategic ally for the next generation of climate-focused innovators.
Some solutions supported by Wind Capital are Cosma (France) specializes in affordable, rapid mapping and monitoring of strategic seabed areas using autonomous underwater drones (2- 200m depth). Their AI-powered data analytics platform supports coastal infrastructure and marine ecosystem preservation. KeeyAerogel (France) develops next-generation sustainable thermal insulation materials, essential for EV batteries and aerospace applications, offering a low-impact alternative to traditional insulation solutions.
The how: Telos Climate Fund, a pioneer fund-of-fund dedicated to climate solutions
General presentation
Telos Climate Fund is an European fund-of-funds launched in 2023 with the mission to accelerate the climate transition by investing in leading-edge climate-focused venture and growth funds. Its goal is to build a diversified portfolio of 10 mission-aligned fund managers who are actively deploying capital into transformative technologies and scalable solutions that address pressing environmental challenges. Backed by a broad and committed base of 50 private investors from Belgium, France, and Germany, the fund-of-fund not only aims to deliver attractive risk-adjusted returns, but also to drive systemic change by channeling capital into the most innovative and impactful climate solutions emerging across Europe.
Intentionality
The intentionality of the Telos Climate Fund is reflected in the fund’s targeted sector focus across all major climate verticals demonstrating a clear alignment with climate mitigation and adaptation goals.
With impact at its core, the fund is designed to systematically channel capital toward the most urgent environmental challenges in Europe and beyond, supporting fund managers working across the full spectrum of climate verticals from the Clean Energy, Clean Building, Clean Transportation, Clean Industry, Sustainable Food Systems, Agriculture & Land Use, and emerging areas such as Climate Intelligence and Carbon Capture, Utilization, and Storage (CCUS).
Impact measurement and management
The Telos Climate Fund employs a robust Impact Measurement and Management (IMM) approach to ensure all investments contribute meaningfully to environmental sustainability. All underlying funds are classified as SFDR Article 9, committing to clear sustainable objectives such as reducing greenhouse gas emissions, conserving water and energy, and improving resource efficiency. Each sustainability-linked financing includes carbon reduction KPIs, ensuring measurable climate impact. This disciplined, transparent framework aligns with international standards.
Additionality
With the global climate crisis intensifying, mobilizing private capital is no longer an option, it is a necessity. To keep global warming below 1.5°C, annual climate investments need to reach $4-5 trillion by 2030. Telos Climate Fund’s model leverages the power of private investors to bridge this gap and accelerate scalable climate solutions. By launching a fund-of-fund structure dedicated to climate investments, Telos Impact makes climate investment accessible to a wider range of private investors. This venture asset class remains one of the riskiest one. The fund-of-fund structure allows to diversify the venture risk and waive the minimum LP ticket in each individual fund that is often a barrier to entry for private investors to access those funds.
More information
- Wind capital
- Telos Impact
