Hong Kong-based Entropy Ventures has held a second close on $35 million for its maiden fund.
The Amadeus Asian Clean Energy Fund has attracted commitments from Swiss pension fund Nest Sammelstiftung and fund of funds Swiss Investment Fund for Emerging Markets. The fund’s investors are mostly from Asia and Europe, said Sylvia Chan, a managing director at Entropy Ventures, in an interview.
The fund is targeting a final close on between $75 million and $100 million during the fourth quarter of 2009. It makes growth and expansion capital investments of between $3 million and $15 million in clean energy enterprises and projects in Asia Pacific. The fund held a first close on $23 million in the last quarter of 2008 and has deployed $7.8 million so far, according to Chan.
The firm has made two hires ahead of the fund's final close. It has appointed Yap Chee Keong as an advisor and Carol Lee as a partner. Yap will focus on deal flow and growth strategy in the region while Lee will concentrate on deal execution.
Besides his new role with Entropy, Yap is an advisor to energy utility company Singapore Power Group.
Lee has previously worked at JP Morgan, Merrill Lynch Private Equity Group and Henderson Equity Partners, the private equity arm of Henderson Global Investors.
Interest in Asian clean energy is on the rise. Asia Environmental Partners is currently raising a $250 million fund targeting renewable energy and environmental services companies, while Singapore- and Indonesia-based Middle East & Capital Partners is currently targeting a total of $400 million for two parallel clean energy-focused funds.