Browns Owner Puts $725 Million Toward Emissions-Cutting Fund (1)

Cleveland Browns owner Jimmy Haslam’s family office HF Capital LLC has committed $725 million to help launch an initiative aimed at decarbonizing heavy industry, it announced Monday.

The money will be managed by private equity firm Ara Partners, which has appointed Shameek Konar to lead the new effort. It will target investments in power generation, biofuels for the marine shipping industry and other sectors, and energy supply and distribution businesses. It has a goal of reducing 50 million tons of greenhouse gas emissions over the lifetime of the fund, according to Konar.

Konar was previously chief executive officer of Pilot ...