ArcTern Ventures, a Toronto-based venture capital firm, has secured approximately $450 million (US$335 million) in commitments in the final close of ArcTern Fund III, the company’s third climate technology fund aiming to invest in companies that develop and innovate solutions in renewable energy, clean transport, and other industries addressing climate change.

ArcTern Fund III is being financed by existing limited partners TD Bank Group and the Canadian Pension Plan Investment Board, new investors Allianz, Church Pension Group, OPTrust, and Credit Suisse Asset Management, and other undisclosed players.