TotalEnergies sells ‘most of’ its climate venture capital assets to Aster

The TotalEnergies CVC sale marks the first private equity secondary market transaction for Aster. Image: Aster.

French energy company TotalEnergies has sold most of its climate venture capital (CVC) arm, TotalEnergies Ventures, to French VC firm Aster.

With the acquisition, the French VC firm has raised a new fund dedicated to monitoring and financing nearly 20 clean energy companies. The portfolio is made of minority stakes in companies across Europe and the US mainly.

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US-based investment adviser company North Sky Capital has joined as an investor of the FPCI fund – Fonds Professionnel de Capital Investissement or professional fund of capital investment in English – to support the portfolio of companies in future financing needs.

Jean-Marc Bally, managing partner at Aster, said: “This unprecedented operation testifies confidence in the Aster model and in our ability to develop solutions fully tailored to the needs of our subscribers.”

This marks the first private equity secondary market transaction for Paris-based company Aster, while strengthening its position in the climate tech innovation financing market.

Corporate funding has had a strong start in 2023, with a 55% sequential increase in the first quarter of 2023 and a total of US$8.4 billion of corporate investment made globally. The figure includes venture capital (VC) investment, public market and debt financing.

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