# California Clean Energy Fund

California Clean Energy Fund is a Private Equity based in San Francisco, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** San Francisco, United States
- **Region:** North America
- **Address:** San Francisco, CA, United States
- **Founded:** 2004
- **Assets under management:** Undisclosed
- **Website:** calcef.org
- **LinkedIn:** https://www.linkedin.com/company/newenergynexus

## Regulatory record

- **Reports private funds:** No

## About

California Clean Energy Fund is a private equity firm based in San Francisco, US. It employs a Venture Capital strategy. The firm has a staff of 5, including 3 investment professionals.

## Sectors

- Energy Transition & Renewables
- ClimateTech

## People

- Thomas R. Soto — Partner
- Dan Adler — Former CEO

## Questions

### Who runs investment decisions at the California Clean Energy Fund?

Investment decisions are overseen by an Investment Committee chaired by Partner Thomas R. Soto. The committee evaluates early-stage clean energy companies against the fund's dual mandate of financial viability and measurable carbon-reduction impact. Former CEO Dan Adler shaped the fund's strategic direction during its first decade.

### How does CalCEF source proprietary deal flow?

CalCEF sources deals through its deep regulatory ties to the California Public Utilities Commission, its accelerator program New Energy Nexus, and partnerships with national laboratories including Lawrence Berkeley National Lab. This policy-linked network provides access to startups developing technologies aligned with California's specific renewable portfolio standards and building codes.

### Is CalCEF structured as a venture firm or a non-profit?

CalCEF is structurally a non-profit public-benefit corporation. It operates three distinct venture investment vehicles: CalCEF Angel Fund, CalCEF Clean Energy Angel Fund, and CalCEF Innovations. Returns from successful investments are recycled into the mission rather than distributed to limited partners, creating a model some refer to as 'venture philanthropy.'

### How is CalCEF related to the California Public Utilities Commission?

CalCEF was created by a CPUC-mandated settlement with Pacific Gas & Electric in 2004, funded with $30 million from PG&E shareholders. The CPUC oversees CalCEF's investment mandate but does not manage its day-to-day operations. This governance structure gives CalCEF an unusual quasi-public status among climate technology investors.

### Where does CalCEF's investment capital come from?

CalCEF was initially capitalized with $30 million from a regulatory settlement with PG&E, directed by the California Public Utilities Commission. Additional capital has come from the California Energy Commission and other state-affiliated sources. Returns from portfolio exits are recycled into new investments, creating an ongoing capital base without traditional fund cycles.

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- [Calafia Group](https://altss.com/profile/calafia-group)
- [Calista Capital](https://altss.com/profile/calista-capital)

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Last updated: 2026-06-03T20:00:00.000Z

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