Wolverhampton City Council and Calpers, the influential Californian pension fund, have emerged as some of the maiden investors in Virgin Group's first green investment fund.
Sir Richard Branson, Virgin's founder, pledged to invest $3bn in alternative energy projects over a decade in September 2006 and last year set up the Virgin Green Fund (VGF) as a way of making investments in renewable energy and resource efficiency.
VGF has raised $199m from Virgin and institutional investors in its first close, according to a filing with the US Securities & Exchange Commission.
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