Industry superannuation giant Rest will commit nearly $230 million to Wollemi Capital, the Sydney-based investment firm co-founded by former Macquarie banker Tim Bishop and Paul Hunyor that backs climate-focused companies.

It is the first major pension fund to invest in the firm, which has funded at least four early-stage companies with money supplied by backers such as Commonwealth Bank, former Macquarie chief executive Nicholas Moore, Square Peg co-founder Paul Bassat and the University of Sydney.