The Westly Group has closed a $160 million fund to invest in cleantech startups. The Menlo Park venture fund led by former California Controller Steve Westly fell short of the $175 million target it set for the fund in December. The firm has fared well in the cleantech field with investments in companies including Tesla Motors (NASDAQ: TSLA) and the biofuel company Amyris (NASDAQ: AMRS). Read more at the Mercury News.