The new fund will focus on investments in commercially proven technologies such as onshore wind, solar panels and small-scale hydropower.
Impax Asset Management, a UK-based specialist asset manager focused on the transition to a more sustainable economy, has raised €459m for its latest private markets sustainable infrastructure fund, its biggest fund to date.
The new fund attracted “a geographically diverse mix of institutional investors”, including pension funds, sovereign wealth funds, insurance companies, asset managers, and family offices, Impax said.
“Successfully closing the fund, close to its target size and approximately 30% larger than our last fund, is testament to the team’s ability to execute the investment strategy and deliver for our investors,” said Daniel von Preyss, head of private equity and infrastructure at Impax.
First exit
The new fund has a diversified pan-European portfolio of investee companies with select exposure to the US market, Impax said. Since its first close in October 2021, it has made ten investments, spread over six countries and five technologies.
These include stakes in a German wind developer and a renewables developer with operations in Ireland and the US. Impax said the fund has already completed its first successful exit: the sale of a solar portfolio in the US.
“The market environment for investing in new energy infrastructure in Europe remains highly attractive,” Von Preyss said. “There is a global consensus that we must phase out carbon-intensive energy resources whilst promoting energy independence. The favourable regulatory environment in which we operate is well-established and reflected by the EU’s ambitious renewable energy targets.”
Overall, the new fund “is well-positioned to capitalise on these favourable tailwinds and support the energy transition”, Von Preyss said.
Apart from investments in commercially proven technologies such as onshore wind, solar panels and small-scale hydropower, the fund will aso focus on making investments in decentralised generation and energy efficiency.
