VentureBeat

The CalCEF Clean Energy Angel Fund is a network of limited partners that plans on investing in early-stage clean tech, doling out a planned $20 million fund in increments of $500,000 to $1 million.

The fund has held its first close, and plans investments in some less capital-intensive technologies like solar power micro-inverters and lighting systems.

It’s likely to steer clear of deals involving biofuels or energy generation, according to Susan Preston, the fund’s general partner. “There are areas where we can’t make a significant impact,” she said in a brief interview, noting that large amounts of money are required to mature companies like thin film solar cell manufacturers.

Preston called the fund a “hybrid” between a direct angel model and a venture firm. All of its limited partners are included in meetings, and the investment committee is also made up of LPs.

CalCEF is based in San Francisco, Calif.