Generate Capital Raises $1.5 Billion from Calstrs, Hesta, QIC

Generate Capital, an investment firm focused on sustainability and infrastructure, raised $1.5 billion in new equity from an investor group including the California State Teachers’ Retirement System.

Australian superannuation funds Hesta and AustralianSuper, along with Brisbane, Australia-based QIC, also committed capital, Generate said Wednesday. The San Francisco-based firm has full discretion over the equity, which it describes as permanent capital, and expects to amplify it with leverage, Chief Executive Officer Scott Jacobs said in an interview.