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Mirova’s new social impact private equity fund targets €200m funding

Published: 12 March 2024

Mirova’s new fund will invest in unlisted European companies that are trying to address many of society’s more interconnected problems like climate change and growing inequality, according to the firm.

The MILE fund will invest in unlisted European companies supporting a ‘holistic and equitable transition’ | Ben Goode on iStock

Paris-based impact investor Mirova has launched a new strategy which will support the growth of unlisted European companies that contribute to the transition towards a better society, it says. The fund aims to raise €200m from institutional and individual investors in Europe, and will be spearheaded by senior investment director Judith-Laure Mamou-Mani.

The Mirova Impact Life Essentials (MILE) fund will invest in companies focused on supporting a ‘holistic and equitable transition’, according to the firm. Climate change, an ageing population, technological developments and growing inequalities are all issues it wants to address.

“At a time when profound paradigm shifts are underway, the project launch of MILE is positioned to support this inevitable societal transition, which will impact our lifestyles. It will give investors access to an unrivalled ecosystem dedicated to impact and real assets,” said Mamou-Mani.

Key investment themes

MILE will focus on four investment themes to pursue a positive societal impact. The first – knowledge and skills – encompasses inclusive education, lifelong vocational training, future of work, and more. The second theme is wellbeing and health, and will include accessibility of care, prevention and ageing well, and wellbeing in the workplace amongst others. The third theme is mindful consumption, involving responsible and sustainable consumption, the circular economy and zero waste, as well as transparency and more. The fourth theme is diversity and inclusion, and the fund will look at areas like empowerment, commitment and citizenship, and raising awareness on environmental and social issues as well.

MILE will favour an opportunistic approach, taking minority or majority stakes throughout the capital deployment period. Mirova intends to classify MILE as an Article 9 fund, in keeping with all its strategies. It says it is already building an active projects pipeline to enable rapid deployment of the fund with first investments in the coming months.

Last month the firm appointed Sébastien Duquet as head of relations with development finance institutions (DFIs), in a new position designed to accelerate its development in emerging markets. Its blended finance vehicle targeting energy transition investments in the developing world, the Mirova Gigaton Fund, also received $282m of commitments last month, bolstered by $75m from the European Investment Bank (EIB).

Mirova seeks to double its unlisted assets by 2030 and speed up the financing of solutions with a high environmental and social impact in Africa, Latin America and the Asia Pacific region. Its focus will be on developing blended finance strategies aimed at financing energy transition infrastructures projects and projects to restore and conserve natural ecosystems.

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