KKR veteran Nayar joins climate-focused VC fund

Peak Sustainability Ventures has tied up with KKR and Co. veteran Sanjay Nayar to launch a venture capital (VC) fund that will target innovative and scalable solutions.

Nayar, who joins Peak Sustainability Ventures as a general partner, will work with managing partner Samir Shah and the rest of the team focused on addressing pressing problems in the climate landscape, the firm said.

The former chief executive at KKR India, a seasoned investor in the Indian financial services sector who helmed the private equity firm for 11 years, was earlier CEO of Citigroup’s India and South Asia operations.

The climate-focused VC fund is looking to raise about $250 million, Bloomberg reported on Monday.

Peak Sustainability Ventures did not respond to emailed queries till the time of publishing.

Peak Sustainability Ventures’ managing partner Shah, who has invested in a range of firms from VA Tech Wabag and GIST Impact to Waaree Energies, ION Energy, and Drinkwell, has been backing sustainability-focused startups for the past seven years, the company said.

Shah launched the firm aiming to integrate India into the global climate conversation, help scale local companies globally, and bring global innovations to India.

“We are delighted to have Sanjay join Peak Sustainability Ventures as a general partner, to accelerate our efforts in making a difference in sustainability in India and globally. While we see great investment opportunities ahead, there are also significant challenges, given the complexities within sustainability. Sanjay’s experience and guidance strengthens our core team and will be of immense value as we jointly navigate the landscape. Together, we are committed to building India’s premier climate investment firm,” Shah, who has 28+ years of financial markets experience, said.

Nayar said: “I am excited to partner with Samir and the team. Given what is happening in sustainability and the role we all need to play, we are building a top-tier institution that can spur climate innovation in the toughest climate problems. India has a key role to play in the global story. We are looking to fund technologies that can apply to the India context, at India’s price point.”

The Mumbai-based climate VC fund backs entrepreneurs solving tough climate problems in a scalable manner, across energy, food systems, water and climate domains.

The firm is currently raising capital for its flagship vehicle – Peak Sustainability Venture Fund I, and has closed an initial amount, the company said, adding that it is in advanced talks with institutional investors including companies, financial institutions, endowments, family offices, and other entities.

Peak Sustainability Venture Fund I is managed by Peak Venture Advisors LLP.