Cases / Finance, funds and markets · United Kingdom · 2004–2026
Generation Investment Management: fees, partners' profit and Foundation grants
Nature's voice · report
1.7 billion US dollars were raised in my name. No one has measured what reached me.
Did nature suffer? Not measured.
Not on record
- The record does not name which of my species, waters, soils or forests were harmed.
What the record lacks: 6 none on record · 6 not disclosed · 5 insufficient · 2 not measured · 6 disputed · 1 unclear See the gaps
Generation Investment Management, the London asset manager co-founded by Al Gore and David Blood in 2004, divided £431.688 million of profit among its members in 2021 and £83.967 million in 2025. Its Foundation, funded by partners, made most of its grants to finance, disclosure and policy bodies; the sources reviewed record no regulator or court finding against the firm.
£431.688 millionProfit available for division among members, UK group, 2021
Group accounts of Generation Investment Management LLP at Companies House. The 2025 figure was £83.967 million.
Group accounts of Generation Investment Management LLP at Companies House. The 2025 figure was £83.967 million.
Status As of October 2026: Generation reports firm-wide assets of $22.9 billion (June 2026); its UK group divided £83.967 million of profit among members for 2025; no regulator or court finding against it is on record.
What?
Generation Investment Management is a London-based asset manager founded in 2004 that manages client money in listed shares and private funds, including Just Climate, and is paid in management and performance fees. Its partners fund the Generation Foundation, whose grants found went mostly to finance, disclosure and policy bodies, with smaller grants to conservation bodies. Companies House
Where?
London (the LLP and the FCA authorisation), the United States (the SEC-registered adviser, Delaware funds and 13F portfolio) and fund vehicles in Ireland, Delaware, the Cayman Islands, Guernsey and Luxembourg. Generation Investment Management (via SEC IAPD)
When?
From the incorporation of the LLP on 5 April 2004 to the Form ADV filings of 4 May 2026 and the FY2025 accounts filed on 11 September 2026. Companies House
Who?
Gained
- Members of Generation Investment Management LLP — Profit available for division among members was £431.688 million in 2021 and £83.967 million in 2025; the largest single member's entitlement was £84.7 million in 2021 and £6.5 million in 2025 Companies House
- Conservation International — Foundation grants of £19,283 (2013), £150,000 (2017) and £988,268 (2020); a $250,000 loan from Mark Ferguson in August 2021; Ferguson sits on its board Charity Commission for England and Wales
- Finance, disclosure and policy bodies (IFRS Foundation, PRI, IIGCC, WattTime, RMI, B Lab and others) — Foundation grants, for example £1,488,900 to the IFRS Foundation (2024) and £2,187,000 to WattTime (2025) Charity Commission for England and Wales
Lost
- Ascend Elements — Filed Chapter 11 on 9 April 2026; a plan of liquidation was confirmed on 17 August 2026 CourtListener
- US Department of Energy (Fisker Automotive, a Kleiner Perkins-backed company) — $192 million disbursed of a $529 million loan; recovery of $53 million and a net loss of $139 million, as reported US Department of Energy
Harmed
None on recordWhy?
The firm states its vision as prosperity shared broadly, protecting nature and a habitable climate, and earns management and performance fees on client money. The filings give the stated reason for a new Delaware fund (tax efficiency for US persons who are tax non-residents) and no stated reason for several other offshore entities. Generation Investment Management (via SEC IAPD)
How?
Clients invest in Global Equity and private funds through master/feeder structures; the firm charges 0.80% a year plus 20% of outperformance (Global Equity) and 1.0% to 1.75% of commitments plus 20% carry above 8% (private funds); partners allocate 5% of their profit entitlement to the Foundation, which grants mainly to finance, disclosure and policy bodies. Generation Investment Management (via SEC IAPD)
In proportion Partners give 5% of their profit entitlement to the Generation Foundation, according to the firm's stewardship report 2025. Generation Investment Management
6 of 6 questions answered from the record
What happened
The record, in order.
Generation Investment Management LLP was incorporated in England on 5 April 2004 (Companies House number OC307600) as "a & d research and capital management LLP" and renamed on 20 August 2004. Al Gore is its chairman and David Blood, who was chief executive of Goldman Sachs Asset Management from 1999 to 2003, a co-founder. The UK financial regulator has authorised the firm since 26 October 2004 (reference 402126), and its US adviser, Generation Investment Management US LLP, has been registered with the US Securities and Exchange Commission (SEC) since 22 October 2004. The firm manages money for pension funds, universities, government bodies and wealthy families, buying listed shares and running growth-equity, private-equity and climate funds, among them Just Climate, set up in 2021. The UK accounts for 2025 give an average of 47 members and 145 employees. The 2026 SEC filings show Blood, Gore, Ferguson, Nogales and Kukrika each holding 5% to under 10% of the UK LLP, and the brochure says no partner holds 25% or more; the accounts for 2005 to 2014 said Blood held a majority interest in the capital while the LLP was controlled jointly by its members.
The firm is paid by management and performance fees. Its May 2026 SEC brochure gives the Global Equity fund a management fee of 0.80% a year, falling to 0.70% after five years, 0.60% after ten and 0.50% after fifteen; the base fee was 1.00% before 1 July 2024. The performance fee is 20% of outperformance against a benchmark, calculated over rolling three-year periods with a high-water mark, and the brochure says it can be received even when the client has a net loss over the period. Growth-equity and private-equity funds charge 1.0% to 1.75% of commitments depending on fund and investor class, plus 20% carried interest above an 8% preferred return; in Sustainable Private Equity Fund II, 5 of the 20 carry points depend on impact targets. The UK group's turnover rose from £126.056 million in 2015 to £530.983 million in 2021, of which £330.710 million was performance fees, and was £179.376 million in 2025, of which £2.963 million was performance fees. Profit available for division among members was £431.688 million in 2021 and £83.967 million in 2025. The largest single member's entitlement was £84.7 million in 2021 and £6.5 million in 2025; the accounts identified that member as the Senior Partner for 2009 to 2011 and do not name the member afterwards.
The firm reports assets of more than $39 billion at the end of 2021, about $30 billion at the end of 2022, $30.0 billion at the end of 2025 and $22.9 billion in June 2026. Its investor letters give Global Equity net returns of 10.9% a year since inception to 30 June 2026 against 9.1% for the MSCI World index, and report underperformance in 2011, 2022, 2024 and 2025. The value of its US-listed holdings, reported in SEC 13F filings, was $24.33 billion at the end of 2021 and $10.29 billion in the second quarter of 2026, with Danaher, Amazon and Microsoft the largest. Across the 193 issuers held between 2006 and 2026, none was an oil and gas, coal, mining, airline or agrochemical company; the brochure lists only two formal exclusions, tobacco (over 15% of revenue) and cluster munitions and anti-personnel mines, and says the firm buys only companies on its own Focus List. In the firm's own report, Amazon was the largest emitter in the 2024 portfolio, with 68.8 million tonnes, or 23% of the portfolio total. Just Climate's first fund (CAF I) closed on 8 June 2023 at $1.5 billion against a $1 billion target, with a performance fee tied entirely to greenhouse-gas abatement goals. Two Just Climate investees, listed on its portfolio page, ran into difficulty: Ascend Elements filed for Chapter 11 on 9 April 2026 and a plan of liquidation was confirmed on 17 August 2026, and Stegra, a green-steel company, was refinanced in a €1.4 billion round after which Stegra Holding AB held more than 90%.
The Generation Foundation (charity 1113061), whose sole member is the LLP, is funded by donations that its accounts describe as "equivalent to an annual allocation of distributable profit"; the firm's stewardship report says partners give 5% of their profit entitlement. The Foundation received donations of £5.050538 million in 2022, £4.909514 million in 2023, £5.558632 million in 2024 and £2.815110 million in 2025, and spent £11.406713 million, £5.945608 million, £11.089321 million and £8.229656 million in those years; its funds at the end of 2025 were £27.160102 million. Most grants found went to finance, disclosure and policy bodies, among them the IFRS Foundation (£1,488,900 in 2024), the Principles for Responsible Investment (£500,000 in 2018 and £2,000,000 in 2020), IIGCC (£1,500,000 in 2024 and £1,186,063 in 2025) and WattTime, the secretariat of Climate TRACE (£2,187,000 in 2025). Grants to conservation bodies found for 2013 to 2025 were to Conservation International (£19,283 in 2013, £150,000 in 2017 for the Lamu Blue Carbon Finance project, £988,268 in 2020), the Australian Wildlife Conservancy and the Australian Conservation Foundation (£25,000 each in 2017), the Zoological Society of London (£25,000 in 2014) and Rainforest Alliance (£17,000 in 2016). No spending by the firm on land or habitat conservation was found. The firm buys offset credits for its own footprint (bio-oil carbon capture in the US, mangrove restoration in Pakistan, peatland preservation in Indonesia, biochar in Finland) and does not disclose their tonnes or cost.
Several partners hold seats at conservation and standard-setting bodies. David Blood was listed as a director of The Nature Conservancy (TNC) on its Form 990s for 2012 to 2015 and part of 2016, joined the board of the World Resources Institute (WRI) in October 2016 and is now its chair, and was an initial member of the Task Force on Climate-related Financial Disclosures. Mark Ferguson has been on the Conservation International (CI) board since the 2015 tax year, and in August 2021 lent CI $250,000 for the Maasai Mara conservancies; the balance was $97,122 in the 2024 tax year. Miguel Nogales is a trustee of Fauna & Flora (vice chair from September 2025), John Bernstein sits on TNC's global board, and Colin le Duc was on the board of Ocean Conservancy until March 2025. The Foundation's 2020 accounts link its £988,268 grant to CI with Ferguson's board seat. Form 990 Schedule L entries for TNC and WRI show no Generation-related transactions, and no endowment managed by Generation was found at any conservation body checked. Both Form ADV filings dated 4 May 2026 answer every disciplinary question "No", and the FCA register shows no disciplinary history or final notice. The brochure discloses conflicts of interest, including that the incentive fee can be received in a period of net loss. At a House hearing on 24 April 2009, Representative Marsha Blackburn asked Gore whether he would personally benefit from cap-and-trade legislation, and Gore replied that every penny he had made had gone to a nonprofit.
- 2004Generation Investment Management LLP incorporated in England (5 Apr)
- 2004Authorised by the UK regulator (26 Oct)
- 2004Launch of the firm announced, with Gore as chairman
- 2004US adviser registered with the SEC (22 Oct)
- 2007Gore becomes a partner at Kleiner Perkins through a Generation-Kleiner collaboration (12 Nov), as reported by Fortune
- 2009House Energy and Environment Subcommittee hearing at which Gore answers Representative Blackburn's question on personal benefit (24 Apr)
- 2011First year of underperformance against the benchmark, per the firm's Q4 2022 letter
- 2012"Sustainable Capitalism" white paper by Gore and Blood via the Generation Foundation (Mar), as reported by Institutional Investor
- 2013Department of Energy testimony (24 Apr): $529 million loan to Fisker Automotive, a company Kleiner Perkins backed; $192 million disbursed
- 2013Fisker Automotive files for Chapter 11 (Nov), as reported
- 2015Certified B Corp (Sep), per the B Corp directory
- 2016Blood named an initial member of the Task Force on Climate-related Financial Disclosures (21 Jan)
- 2016Blood joins the WRI board (Oct)
- 2016Ferguson on the Conservation International board from tax year 2015 (year to June 2016)
- 2019Sustainable Solutions Fund III closes at just over $1 billion
- 2021UK group profit available for division among members reaches £431.688 million
- 2021Just Climate becomes an appointed representative of Generation (24 Jun)
- 2021Ferguson lends Conservation International $250,000 (Aug)
- 2021Generation a founder member of the Finance Sector Deforestation Action at COP26
- 2022Sustainable Solutions Fund IV closes at $1.7 billion (May)
- 2022Global Equity underperforms the benchmark for the second time
- 2023Just Climate CAF I closes at $1.5 billion (8 Jun)
- 2024Global Equity base fee cut from 1.00% to 0.80% (1 Jul)
- 2024Gore retires from Apple's board at the annual meeting (28 Feb)
- 2025Just Climate authorised in its own right (19 Jun)
- 2026SEC Form ADV filings (4 May); firm-wide assets reported at $22.9 billion (Jun)
- 2026Ascend Elements files Chapter 11 (9 Apr); plan of liquidation confirmed (17 Aug)
- 2026Stegra announces a €1.4 billion financing round; Stegra Holding AB holds over 90% (24 Jun)
What was said
Claims, in the words of those who made them.
“they have invested about $1 billion in 40 companies that are going to benefit from cap and trade legislation.”
“every penny that I have made, I have put right into a nonprofit, the Alliance for Climate Protection.”
“if you believe that the reason I have been working on this issue for 30 years is because of greed, you don't know me.”
“Generation has not been involved in any legal or disciplinary events since its inception that would be material to a Client's evaluation”
“Generation will receive an Incentive Fee. even if the Client incurs a net loss during such period”
“Generation has an incentive to avoid recognising impairment in the value of portfolio investments where this would reduce or eliminate accrued Incentive Fees”
“The Chairman of Generation is a partner of and equity investor in Kleiner Perkins”
“we funded many of the major initiatives. like SASB, B Lab and CDP”
“donations from members of Generation equivalent to an annual allocation of distributable profit”
“If you do this the right way, you don't have to trade values for value.”
Where accounts differ
Each party's account, side by side, with its source. The record does not settle these points; it shows them.
Whether Al Gore would personally benefit from climate legislation (2009)
Government and regulators
Marsha Blackburn, US Representative
Said at the 24 April 2009 hearing that investors including Gore had put about $1 billion into 40 companies that would benefit from cap and trade legislation, and asked whether he would personally benefit.
US House of Representatives (via GovInfo)Company or project
Al Gore, chairman of Generation
Said every penny he had made had gone into a nonprofit, the Alliance for Climate Protection, and that anyone who thought greed was his reason did not know him.
US House of Representatives (via GovInfo)Ownership of Just Climate
Company or project
Generation group accounts, FY2024
Stated that GIM LLP held 61% of Just Climate LLP, its members 34% and an unrelated party 5%.
Companies HouseCompany or project
Generation, Form ADV and Part 2A brochure
Stated that Generation UK "owns and controls 95%" of Just Climate.
Generation Investment Management (via SEC IAPD)Whether Goldman Sachs owns a large share of Generation
Communities and civil society
Capital Research Center (2010)
Wrote that Goldman Sachs owns "a large share" of Generation.
Capital Research CenterCompany or project
Companies House accounts and SEC Form ADV filings
Show no outside owner; each partner holds less than 25% of the UK LLP.
Generation Investment Management (via SEC IAPD)How it looked
What was shown, beside what was recorded.
Shown
- Global Equity returned 10.9% a year net of fees since inception to 30 June 2026, against 9.1% for MSCI World.Generation Investment Management (Q2 2026 investor letter) · Generation Investment Management
- Just Climate's performance fee is 100% tied to greenhouse-gas abatement goals.Just Climate (CAF I close press release) · Just Climate
- In Sustainable Private Equity Fund II, 5 percentage points of the 20% carry are linked to impact targets.Generation Investment Management (Part 2A brochure) · Generation Investment Management (via SEC IAPD)
- Partners give 5% of their profit entitlement to the Generation Foundation.Generation Investment Management (stewardship report 2025) · Generation Investment Management
- Certified B Corp since September 2015.B Lab (B Corp directory) · B Lab
- The Foundation deployed over £8.5 million in 2025.Generation Investment Management · Generation Investment Management
Recorded
- The group accounts at Companies House show turnover of £42,255 (actual pounds) for the first period to April 2005, losses for members in each period to 2007, and a first profit of £8.278 million for 2008.
- Companies House officers: Blood is a designated member from 5 April 2004; Gore, Ferguson and le Duc are members from 7 July 2004 and Nogales from 1 January 2007; Gore is described as Chairman and Blood as Senior Partner.
- Global Equity since-inception return net of fees: 11% a year against 9% for MSCI World (Q1 2026 letter), and 10.9% against 9.1% to 30 June 2026 (Q2 2026 letter).
- Institutional Investor reported 12.14% a year since inception for Global Equity as of September 2015 (eVestment data), 559 basis points a year ahead of MSCI World.
- Profit available for division among members was £101.324 million (2015), £142.528 million (2016), £237.111 million (2017), £284.674 million (2019), £242.915 million (2020), £431.688 million (2021), £165.139 million (2022), £158.020 million (2023), £157.312 million (2024) and £83.967 million (2025).
- Performance fees were £330.710 million in 2021, £19.844 million in 2022, £11.404 million in 2023, £33.270 million in 2024 and £2.963 million in 2025; management fees were £220.765 million in 2024 and £176.413 million in 2025.
- The largest member's entitlement was £47.2 million (2020), £84.7 million (2021), £21.8 million (2022), £16.6 million (2023), £14.4 million (2024) and £6.5 million (2025); Bloomberg reported the amounts for 2021 to 2024, which match the filings; the filings do not name the partner.
- Bloomberg (21 September 2023) reported the top-paid partner's pay for 2022 as £21.8 million, or $26.8 million, down 74% from the 2021 record.
- Bloomberg (28 August 2025) reported the top-paid partner's 2024 pay as £14.4 million, or $19.5 million.
- The Management Committee's share of profit was £272.2 million in 2021 and £43.2 million in 2025; distributions to members were £419.240 million (2021), £149.741 million (2024) and £127.798 million (2025).
- The group's own tax charge was £2.689 million in 2025 and £6.004 million in 2024, paid in Spain, Portugal, New York and California; the accounts state that income tax on the LLP's profits is solely the personal liability of the individual members.
- The US adviser reported $10,540,987,729 of regulatory assets in 13 accounts in its May 2026 Form ADV: $8.558 billion in pooled vehicles, $1.243 billion for government entities, $469 million for charities and $155 million for pension plans.
- Fund vehicles are domiciled in Ireland, Delaware, the Cayman Islands, Guernsey and Luxembourg. The filings give a reason for the master/feeder structure and for a new Delaware fund set up on 1 January 2026 "to improve tax efficiency for U.S. persons who are non-residents for U.S. tax purposes", and no tax reason for the Cayman, Guernsey or Jersey entities.
- Gross asset values in the US Form ADV: $7.63 billion in Generation IM Global Equity Fund LLC (Delaware, 493 owners) and $286.2 million in the Asia Fund LP. In the UK LLP's Form ADV Schedule D: $10.02 billion in the Global Equity Fund of Generation IM Fund plc (Ireland, 359 owners), $1.88 billion in Sustainable Solutions Fund IV and $0.97 billion in Sustainable Solutions Fund III; feeder and master vehicles may overlap.
- Generation IM Fund plc is registered with the Central Bank of Ireland (C37217), authorised 14 April 2005, for qualifying investors only with a EUR 100,000 minimum.
- Portfolio emissions in the firm's TCFD report: Scope 1 of 11, 9 and 9 tonnes and Scope 2 (market-based) of 61, 51 and 30 tonnes in 2022, 2023 and 2024; business travel of 696, 1,899 and 4,965 tonnes; financed emissions of 169,468, 149,569 and 108,189 tonnes. Global Equity companies' total Scope 1 to 3 emissions in 2024 were 522 million tonnes, against 36.0 billion tonnes for the MSCI World index; the attributed Scope 1 and 2 total was 97,744 tonnes.
- The Foundation's donations, investment income, expenditure and year-end funds (£): 2022 5,050,538 / 567,127 / 11,406,713 / 17,841,212; 2023 4,909,514 / 13,351,237 / 5,945,608 / 30,025,162; 2024 5,558,632 / 5,918,936 / 11,089,321 / 30,414,893; 2025 2,815,110 / 2,152,452 / 8,229,656 / 27,160,102.
- The Foundation's investment income came from "GIM Marvel (Deferred) LP" and "Generation IM Climate Solutions SLP II"; it employs 5 people, 4 of them paid £150,000 to £300,000, and Al Gore is not a trustee.
- Foundation grants to organisations where Generation people sit: Conservation International £19,283 (2013), £150,000 (2017), £988,268 (2020); WRI £164,962 (2015), £203,716 (2016), £185,007 (2017) and an £8,024 matched gift (2018); Climate Museum £20,064 (2017); Social Finance £75,000 (2017).
- Other Foundation grants: RMI £1,523,809 (2020); B Lab £150,000 a year in 2015 to 2017 and £942,210 (2018); SASB £380,352 (2013); PRI £500,000 (2018) and £2,000,000 (2020); IFRS Foundation £1,488,900 (2024); TISFD £637,200 (2024); IIGCC £1,500,000 (2024) and £1,186,063 (2025); WattTime £2,187,000 (2025). No grants to TNC, Climate Reality or Fauna & Flora appear in the 2013 to 2025 tables.
- Al Gore is listed as Chairman of the Climate Reality Project (formerly the Alliance for Climate Protection) on its Form 990s for tax years 2013 and 2024.
- WattTime's page says Climate TRACE is coordinated "in partnership with former U.S. Vice President Al Gore"; the coalition formed in July 2020.
- The Foundation's 2025 grants included $3 million to Climate TRACE, which Gore co-founded, and a grant to the Asia Investor Group on Climate Change. Climate TRACE lists among its funders Gore, the Generation Foundation and the partners of Generation, Google.org, the IKEA Foundation, MacArthur and Rockefeller; no amounts are published apart from the Foundation's $3 million.
- Form 990 Schedule L checks: TNC (tax years 2012 to 2024) shows no Generation-related transactions.
- Form 990 Schedule L checks: WRI shows no Generation-related entries.
- Form 990 Schedule L at Conservation International shows a $250,000 loan from Mark Ferguson in August 2021, for the Maasai Mara conservancies through African Conservancies Fund LLC (of which CI is the sole member), with balances of $250,000, $246,297, $182,041 and $97,122 for tax years 2021 to 2024.
- Fauna & Flora's 2025 annual report names BlackRock as its investment manager.
- David Blood: listed as a TNC director on Form 990s for tax years 2012 to 2015 and as a part-year director for 2016, not listed from tax year 2017; start date not established.
- David Blood: WRI board from October 2016, co-chair from January 2019; Form 990s show director 2015 to 2016, co-chair 2017 to 2021 and chair 2022 to 2024.
- Mark Ferguson: Conservation International board member on Form 990s from tax year 2015 to tax year 2024 and on the current board page; not listed for 2012 to 2014.
- Miguel Nogales: Fauna & Flora trustee appointed 28 October 2022; vice chair (co-opted 18 September 2025) in the 2025 annual report, whose chair's letter calls the post "Deputy Chair of Council".
- John Bernstein: TNC's page lists a term of October 2020 to October 2029 on its global board and says he chairs the Finance and Conservation Investment Committees; Form 990s for tax years 2020 to 2024 list him as a director.
- Puja Jain is listed on TNC's European Council for Global Conservation, which advises on resource mobilisation, as a partner at Generation Investment Management; no dates are given.
- The Foundation's directors have included Gore, Blood, Ferguson, Nogales, le Duc, Knight, Harris and Preston at various dates between 2005 and 2026; Audrey Choi has chaired it since 27 March 2025.
- Form ADV (4 May 2026) for both Generation advisers: every disciplinary question answered "No" and the criminal, regulatory and civil disclosure pages read "No Information Filed".
- The FCA register shows no disciplinary history or final notice, one rule waiver, and a 2019 scam alert for a firm called Lotus Global Investments LLP that used Generation's details. Approved individuals include Gore (partner function), Blood (chief executive function) and a compliance and money-laundering officer.
- Kleiner Perkins: Gore became a partner on 12 November 2007 through a Generation-Kleiner collaboration, and John Doerr joined Generation's advisory board; Gore said his salary would go to the Alliance for Climate Protection and carry and fees were not disclosed (Fortune).
- Kleiner Perkins put $630 million into 54 clean-tech companies in 2004 to 2009, as reported by Fortune.
- Generation's Climate Solutions Fund I invested in Kleiner's KPCB Green Growth Fund, and the two firms have a carried-interest sharing agreement on that investment; the brochure states that the Chairman of Generation is a partner of and equity investor in Kleiner Perkins.
- Department of Energy testimony: a $529 million loan to Fisker Automotive closed on 22 April 2010, $192 million was disbursed and disbursements stopped in June 2011.
- Fisker filed for Chapter 11 in November 2013; the Department recovered $53 million, a net loss of $139 million, as reported. The Center for Public Integrity names Kleiner among Fisker's biggest backers.
- The New York Times reported on 3 November 2009 that Kleiner backed Silver Spring Networks in a $75 million round, that Gore and John Doerr were unpaid advisers, and that of $3.4 billion in Department of Energy smart-grid grants, more than $560 million went to utilities with Silver Spring contracts.
- Press estimates of wealth: Bloomberg Businessweek (May 2013) put Gore's wealth at just under $200 million, including about $70 million from the sale of Current TV, about $30 million from Apple share sales and about $45 million in Apple shares; on leaving office in 2001 he listed assets under $2 million.
- Just Climate's portfolio page lists Stegra, Meva Energy, ABB E-mobility, Infinitum, Ascend Elements, Continuum Green Energy, Terra CO2, NatureMetrics, GreenLight Biosciences, AgroStar, Tropic, Zanskar, Afresh, Corvus Energy and Twenty Four Seven Data Centers.
- Ascend Elements filed Chapter 11 on 9 April 2026 in the Southern District of Texas (cases 26-90440 and 26-90439). The ownership statement lists JC Bluegrass (Invest) SCSp, a Luxembourg entity, at 10.5%; the filing does not state its link to Just Climate.
- A plan of liquidation for Ascend Elements was confirmed on 17 August 2026 and took effect on 8 September 2026, with a trust set up to pay unsecured creditors.
- Press reported that Ascend Elements returned a $164 million Department of Energy grant in February 2025 and that the Department cancelled a $316 million grant in October 2025.
- Stegra announced on 24 June 2026 a €1.4 billion financing round led by Wallenberg Investments; Stegra Holding AB holds more than 90%, Just Climate remains an investor and its chief investment officer stays on the board.
In nature's name
What was promised in nature's name, the money that moved, and what was measured.
Promised
- “If you do this the right way, you don't have to trade values for value.” — Al Gore, chairman of Generation, as reported (2015) Institutional Investor
Money moved in nature's name
| What | Kind | Amount | Period |
|---|---|---|---|
| Partners' donations to the Generation Foundation Generation partners Charity Commission for England and Wales | Raised | £5.56m | 2024 |
| Partners' donations to the Generation Foundation Generation partners Charity Commission for England and Wales | Raised | £5.05m | 2022 |
| Partners' donations to the Generation Foundation Generation partners Charity Commission for England and Wales | Raised | £4.91m | 2023 |
| Partners' donations to the Generation Foundation Generation partners Charity Commission for England and Wales | Raised | £2.82m | 2025 |
| Generation Foundation expenditure, all purposes The Generation Foundation Charity Commission for England and Wales | Spent | £11m | 2022 |
| Generation Foundation expenditure, all purposes The Generation Foundation Charity Commission for England and Wales | Spent | £5.95m | 2023 |
| Generation Foundation expenditure, all purposes The Generation Foundation Charity Commission for England and Wales | Spent | £11m | 2024 |
| Generation Foundation expenditure, all purposes The Generation Foundation Charity Commission for England and Wales | Spent | £8.23m | 2025 |
| Grant to Conservation International The Generation Foundation Charity Commission for England and Wales | Paid out | £0.02m | 2013 |
| Grant to Conservation International (Lamu Blue Carbon Finance project) The Generation Foundation Charity Commission for England and Wales | Paid out | £0.15m | 2017 |
| Grant to Conservation International The Generation Foundation Charity Commission for England and Wales | Paid out | £0.99m | 2020 |
| Grant to the IFRS Foundation (for the ISSB's social-disclosure work) The Generation Foundation Charity Commission for England and Wales | Paid out | £1.49m | 2024 |
| Grants to IIGCC The Generation Foundation Charity Commission for England and Wales | Paid out | £1.5m | 2024 |
| Grants to IIGCC The Generation Foundation Charity Commission for England and Wales | Paid out | £1.19m | 2025 |
| Grant to WattTime, Climate TRACE's secretariat The Generation Foundation Charity Commission for England and Wales | Paid out | £2.19m | 2025 |
| Grant to the Principles for Responsible Investment The Generation Foundation Charity Commission for England and Wales | Paid out | £0.5m | 2018 |
| Grant to the Principles for Responsible Investment The Generation Foundation Charity Commission for England and Wales | Paid out | £2m | 2020 |
| Grant to RMI The Generation Foundation Charity Commission for England and Wales | Paid out | £1.52m | 2020 |
| Grant to B Lab The Generation Foundation Charity Commission for England and Wales | Paid out | £0.94m | 2018 |
| Grant to B Lab (each year 2015 to 2017) The Generation Foundation Charity Commission for England and Wales | Paid out | £0.15m | 2015–2017 |
| Loan from Mark Ferguson to Conservation International for the Maasai Mara conservancies (balance in tax year 2024 was USD 0.097122 million) Mark Ferguson, Generation partner and CI board member ProPublica Nonprofit Explorer | Paid out | $0.25m | Aug 2021 |
| Just Climate Climate Assets Fund I, closed against a USD 1,000 million target Just Climate Just Climate | Raised | $1.5bn | closed 8 Jun 2023 |
| Sustainable Solutions Fund IV, closed Generation Investment Management Generation Investment Management | Raised | $1.7bn | May 2022 |
| Management fees, UK group Generation Investment Management LLP Companies House | Fees | £221m | 2024 |
| Management fees, UK group Generation Investment Management LLP Companies House | Fees | £176m | 2025 |
| Performance fees, UK group Generation Investment Management LLP Companies House | Fees | £331m | 2021 |
| Performance fees, UK group Generation Investment Management LLP Companies House | Fees | £33m | 2024 |
| Performance fees, UK group Generation Investment Management LLP Companies House | Fees | £2.96m | 2025 |
What was measured
Not measured
No independent measurement of the effect of the firm's portfolio or of the Foundation's grants on nature is on record. The emission figures are the firm's own report and are not an independent measurement; the Foundation's grant tables record amounts, not outcomes.
Foundation grants to conservation bodies found
Conservation International £988,268 (2020), £150,000 (2017), £19,283 (2013); four others of £17,000 to £25,000
Grant amounts from the Foundation's accounts; outcomes of the grants not reported Charity Commission for England and Wales
Portfolio Scope 1 to 3 emissions, 2024
522 million tonnes (whole companies)
Firm's own TCFD report; MSCI World index 36.0 billion tonnes Generation Investment Management
Firm's own offsets
Credits purchased from the four projects listed; tonnes and cost not stated in the report
Bio-oil carbon capture (US), mangrove restoration (Pakistan), peatland preservation (Indonesia), biochar (Finland) Generation Investment Management
Partners give 5% of their profit entitlement to the Generation Foundation (stewardship report 2025). Generation Investment Management
Operation Ongoing · The firm and the Foundation were operating at the latest filings (Form ADV 4 May 2026; Foundation accounts for 2025). US Securities and Exchange Commission (IAPD)
Findings on record
- Own admission Generation Investment Management (Form ADV Part 2A brochure, May 2026) (2026-05) · Item on fees and conflicts of interest: incentive fee in a period of net loss: “Generation will receive an Incentive Fee. even if the Client incurs a net loss during such period” Generation Investment Management (via SEC IAPD)
- Own admission Generation Investment Management (Form ADV Part 2A brochure, May 2026) (2026-05) · Item on valuation: incentive to avoid recognising impairments: “Generation has an incentive to avoid recognising impairment in the value of portfolio investments where this would reduce or eliminate accrued Incentive Fees” Generation Investment Management (via SEC IAPD)
- Own admission Generation Investment Management (Q4 2022 Global Equity investor letter) (2022-12) · Underperformance of Global Equity against its benchmark in 2022, the second such year after 2011 Generation Investment Management
- Own admission The Generation Foundation (2020 accounts) (2020) · Accounts note linking the £988,268 grant to Conservation International with a Generation partner's seat on the CI board Charity Commission for England and Wales
Who gained
Money that reached nature, beside money that stayed elsewhere.
Reached nature or the ground
Not published
Generation Foundation grant to Conservation International£0.02m
Window: 2013
Generation Foundation grant to Conservation International (Lamu Blue Carbon Finance project)£0.15m
Window: 2017
Generation Foundation grant to Conservation International£0.99m
Window: 2020
The Foundation's 2020 accounts note links the grant to a Generation partner's seat on the CI board.
Generation Foundation grant to Australian Wildlife Conservancy£0.03m
Window: 2017
Generation Foundation grant to Australian Conservation Foundation£0.03m
Window: 2017
Generation Foundation grant to Zoological Society of London£0.03m
Window: 2014
Generation Foundation grant to Rainforest Alliance£0.02m
Window: 2016
Gained elsewhere
Not totalled
Profit available for division among members, UK group£432m
Window: 2021
Profit available for division among members, UK group£84m
Window: 2025
Performance fees, UK group£331m
Window: 2021
Largest single member's share£85m
Window: 2021
Largest single member's share£6.5m
Window: 2025
Generation Foundation grant to the IFRS Foundation£1.49m
Window: 2024
Generation Foundation grants to IIGCC£1.5m
Window: 2024
£1,186,063 in 2025.
Generation Foundation grant to WattTime (Climate TRACE secretariat)£2.19m
Window: 2025
Generation Foundation grants to the Principles for Responsible Investment£2m
Window: 2020
£500,000 in 2018.
Generation Foundation expenditure, all purposes£11m
Window: 2024
Currency: GBP · Window: Mixed — see each line. Figures cover different periods and are not compared as a ratio. * Estimate built from cited figures.
Responses on record
- Generation Investment Management (May 2026): In its Form ADV Part 2A brochure the firm said it "has not been involved in any legal or disciplinary events since its inception that would be material to a Client's evaluation", and that it "has in the past been, and could in the future be, subject to formal and informal regulatory inquiries". · Generation Investment Management (via SEC IAPD)
- Al Gore (24 April 2009): At the 24 April 2009 House hearing he said he had put "every penny that I have made" into the Alliance for Climate Protection, and that anyone who thought greed was his reason for working on the issue for 30 years did not know him. · US House of Representatives (via GovInfo)
- Stegra (24 June 2026): Announced on 24 June 2026 a €1.4 billion financing round led by Wallenberg Investments, after which Stegra Holding AB holds more than 90%; Just Climate remains an investor and its chief investment officer remains on the board. · Stegra
In court and with insurers
Every proceeding and every insurer decision on record.
Lawsuits and rulings
No court case on record. No court has ruled on this case.
Insurers
No insurer decision on record.
What nature saw
Outcomes measured on the ground, and nature's note.
Nature's report opens this page. Below: further outcomes measured on the ground.
Foundation grants to conservation bodies found, 2013 to 2025
Conservation International, Australian Wildlife Conservancy, Australian Conservation Foundation, Zoological Society of London, Rainforest Alliance
Largest single grant £988,268 (2020, Conservation International); most other grants went to finance, disclosure and policy bodies
Portfolio companies' Scope 1 to 3 emissions, 2024
522 million tonnes
Whole companies, not the fund's share; MSCI World index 36.0 billion tonnes (firm's TCFD report)
Largest emitter in the 2024 portfolio
Amazon, 68.8 million tonnes (23%)
Firm's own report
Spending by the firm on land or habitat conservation
None found
In the filings and accounts reviewed
What we don't know
Undisclosed, unproven, untried: recorded as data.
Nature
- Not measured Harm to nature: The record holds no measurement of harm to nature.
Court
- None on record No court case on record.
Accounts
Record
- None on record None on record: a finding by any regulator, court or self-regulatory body against Generation, Just Climate or the Generation Foundation, including on their environmental or sustainability claims. Both Form ADV filings answer every disciplinary question "No" and the FCA register shows no disciplinary history or final notice.
- None on record None on record: an SEC enforcement action or an FCA final notice against Generation; none was found in the sources reviewed.
- None on record None on record: a tax dispute involving the group.
- None on record None on record: any harm to nature linked to Stegra's Boden site, such as Sámi or water-permit issues.
- None on record None on record: a conservation body whose endowment is managed by Generation; the investment-manager lists for TNC, CI and WRI are not public in what was reviewed.
- Unclear None on record: spending by the firm on land or habitat conservation.
- Not measured Not measured: the effect of the firm's portfolio or of the Foundation's grants on nature; the record holds emission figures reported by the firm and grant amounts.
- Not disclosed Not disclosed: Gore's personal share of Generation's profit; the filings give only an ownership band of 5% to under 10% of the UK LLP, and no source gives his pay.
- Not disclosed Not disclosed: who holds the largest member's entitlement after 2011; the accounts for 2009 to 2011 named the Senior Partner and later accounts do not name the member.
- Not disclosed Not disclosed: the tonnes and cost of the offset credits the firm buys for its own footprint.
- Not disclosed Not disclosed: what "GIM Marvel (Deferred) LP" and "Generation IM Climate Solutions SLP II" hold, although the Foundation earns investment income from them.
- Not disclosed Not disclosed: Just Climate's fees and returns, and its stake in Stegra and any write-down.
- Not disclosed Not disclosed: Climate TRACE funding amounts apart from the Foundation's $3 million; Kleiner Perkins fund returns and Gore's gains from them; per-year Global Equity returns and the inception date.
- Disputed Conflicting: Just Climate's ownership is 61% by Generation LLP in the FY2024 accounts and 95% in the SEC filings.
- Disputed Conflicting: the Management Committee's share for 2023 is £96.9 million in one filing and £96.6 million in the next; the key-management share for 2017 is £146.2 million and, restated, £154 million; the 2012 profit is £26,063,000 in the income statement and £26,443,000 in the members' note.
- Disputed Conflicting: John Bernstein's page at TNC gives his title as Global Board Treasurer, while TNC's 2024 Form 990 names a different person as Treasurer.
- Insufficient Unconfirmed: the Generation Foundation's 2021 accounts state that Ferguson and Kukrika "serve on the Boards of Conservation International"; Kukrika is not on CI's global board page or in CI's Form 990 Part VII.
- Insufficient Unconfirmed: firm-wide assets of $24.7 billion at 31 December 2025, cited from a stewardship-policy PDF; the firm states $30.0 billion for the same date.
- Insufficient Unconfirmed: Gore's seat on the World Economic Forum board of trustees and his Kleiner Perkins role rest on Generation's own biography (the brochure confirms the Kleiner partnership).
- Insufficient Unconfirmed: the link between JC Bluegrass (Invest) SCSp, which holds 10.5% of Ascend Elements, and Just Climate; the bankruptcy filing does not state it.
- Insufficient Unconfirmed: Umeå Land and Environment Court permits for Stegra (construction 1 July 2022; operation June 2023 for up to 5 Mt, final emission conditions deferred) are known only from news reports of the rulings.
Did the harm stop?
No harm to nature is recorded in the sources reviewed for this case.
Who paid?
Clients pay management fees (0.80% a year on the Global Equity fund after 1 July 2024, 1.00% before) and a performance fee of 20% of outperformance, which the SEC brochure says can be received when a client has a net loss over the period. Partners fund the Generation Foundation through a 5% allocation of their profit entitlement, according to the firm's stewardship report.
Sources
Voices on record: ✓ Company or project✓ Government and regulators✓ Courts✓ Press and investigations✓ Communities and civil society— Researchers✓ Standard-setters and registries✓ International bodies
Company or project
- Form ADV Part 2A brochure, May 2026Generation Investment Management (via SEC IAPD) · 2026-05
- Stewardship activities and outcomes report 2025Generation Investment Management · 2025
- TCFD report, June 2025Generation Investment Management · 2025-06
- Global Equity investor letter, Q2 2026Generation Investment Management · 2026-06-30
- Global Equity investor letter, Q1 2026Generation Investment Management · 2026-03-31
- Global Equity investor letter, Q4 2022Generation Investment Management · 2022-12-31
- Just Climate Climate Assets Fund I close press releaseJust Climate · 2023-06-08
- Just Climate: our focus (portfolio)Just Climate ·
- Sustainable Solutions Fund III sustainability and impact report 2026Generation Investment Management · 2026
- Apple proxy statement (DEF 14A), filed 11 January 2024Apple Inc. (via SEC EDGAR) · 2024-01-11
- Changes to Stegra's board of directors and company structureStegra · 2026-06-24
Government and regulators
- Hearing of the Energy and Environment Subcommittee, 24 April 2009US House of Representatives (via GovInfo) · 2009-04-24
- Testimony of the Department of Energy on the Fisker Automotive loan (Whitcombe, 24 April 2013)US Department of Energy · 2013-04-24
Courts
- Ascend Elements, Inc. and Ascend Elements US LLC: Chapter 11 docket (S.D. Tex.)CourtListener · 2026-04-09
- Ascend Elements: order confirming plan of liquidation (docket entry 674)US Bankruptcy Court, Southern District of Texas (via CourtListener) · 2026-08-17
Press and investigations
- Energy's risky $1 billion bet on two politically connected electric car buildersCenter for Public Integrity ·
- Gore and Silver Spring Networks (3 November 2009)The New York Times · 2009-11-03
- Gore joins Kleiner PerkinsFortune / CNN Money · 2007-11-11
- Al Gore, now Romney-rich (Bloomberg Businessweek estimate, May 2013)Christian Science Monitor · 2013-05-06
- David Blood and Al Gore want to reach the next generationInstitutional Investor · 2015-09-08
- Companies hold trillions in subprime carbon assets, Al Gore saysInstitutional Investor · 2012-03-15
- Al Gore's investment firm paid $26.8 million to partner in 2022Bloomberg · 2023-09-21
- Generation's highest-paid partner got $16.6 million last yearBloomberg · 2024-09-02
- Top-paid partner at Al Gore fund got $19.5 million bonus in 2024Bloomberg · 2025-08-28
- Generation closes $1B growth fund to focus on sustainable investingCrunchbase News · 2019
- Ascend Elements files for bankruptcy after losing federal grantBattery Tech Online · 2026-04
Communities and civil society
- Al Gore's crony capitalist crusadeCapital Research Center · 2010-06
- Fauna & Flora Annual Report 2025Fauna & Flora · 2026-07
- WRI board appoints four new members, elevates David Blood to co-chairWorld Resources Institute · 2019-03-08
- John Bernstein: our peopleThe Nature Conservancy ·
- Europe contact page (European Council for Global Conservation)The Nature Conservancy ·
- Board of directorsConservation International · · Archived copy
- Climate TRACEWattTime ·
- Climate TRACE team and fundersClimate TRACE ·
Standard-setters and registries
- Generation Investment Management LLP (OC307600): filing history and group accounts, April 2005 to December 2025Companies House · 2026-09-11
- Form ADV, Generation Investment Management US LLP (CRD 132728)US Securities and Exchange Commission (IAPD) · 2026-05-04
- Generation Investment Management LLP, firm reference number 402126UK Financial Conduct Authority register ·
- The Generation Foundation (charity 1113061): Charity Commission recordCharity Commission for England and Wales ·
- Conservation International: Form 990 filingsProPublica Nonprofit Explorer ·
- The Nature Conservancy: Form 990 filingsProPublica Nonprofit Explorer ·
- World Resources Institute: Form 990 filingsProPublica Nonprofit Explorer ·
- Climate Reality Project: Form 990 filingsProPublica Nonprofit Explorer ·
- The Generation Foundation (05536312): officersCompanies House ·
- Generation Investment Management LLP (OC307600): officersCompanies House ·
- Generation IM Fund plc (C37217): fund register entryCentral Bank of Ireland ·
International bodies
- TCFD members press releaseFinancial Stability Board · 2016-01-21
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- Vida Manglar mangrove project Colombia · 2021
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