Generation Investment Management LLP, a UK-based private equity firm, has raised $1 billion for its third fund, Generation IM Sustainable Solutions Fund III.

Generation IM Sustainable Solutions Fund III is expected to make investments in growth-stage companies.

The new fund will focus on backing businesses with well-established technology and commercial traction in three areas, planetary health, people health and financial inclusion.

With the latest fund, Generation Investment intends to make minority investments of $50 to 150 million in innovative companies.