Blue Bear has already backed nine new companies since 2020.

“Trillions of dollars will be spent to scale renewable energy, modernize infrastructure and secure sustainable supply chains,” Blue Bear partner Ernst Sack said in a statement.

“Meanwhile, artificial intelligence is redefining how data is captured, decisions are mad and relationships are built all around us. Where these two forces converge – applying the power of AI-enabled technologies to the immense challenges of the energy transition – is where Blue Bear sees the greatest investment and impact opportunity of our lifetimes.”

Horizontal scale companies that BlueBear has backed include Urbint, which is focused on infrastructure safety and Demex, a climate and weather risk management company.

As with Blue Bear’s first fund, this one is aimed at helping early-stage companies scale – and not just by investing capital.

“As specialists we believe in a high conviction and relatively concentrated approach to portfolio construction,” said Blue Bear partner Vaughn Blake in a statement, adding that the firm select companies with long-term partnership in mind.

Investors in Blue Bear’s fund include AIMS Imprint of Goldman Sachs Asset Management, Rockefeller Brothers Fund and the McKnight Foundation, as well as leadership from other private equity firms and energy companies.