Al Gore's Generation Investment Management LLP is starting a $500 million fund to invest in Asian stocks, Bloomberg reported on Sunday.

The fund, which could be launched in July, will buy shares of Asian companies that adhere to Generation's investment guidelines of focusing on economic, social and environmental sustainability, while eschewing short-term profit goals, the report said, citing unnamed sources.

Generation is looking to invest in countries including China and India to correspond with Asia's demands for natural resources and its impact on the global economy, the report said.

Gore, the former vice president, founded London-based Generation in 2004 with David Blood, who previously headed asset management at Goldman Sachs Group Inc .

Generation's Asian fund, like the global equity fund, will only make bets that stocks will rise, Bloomberg said.

The fund will be separate from Generation's venture-capital business, which provides funding for renewable-energy firms and companies that create markets for trading carbon emissions, the report added.

(Reporting by Nadia Damouni; Editing by Dhara Ranasinghe)