Impax Asset Management, whose holding company is listed on London’s Alternative Investment Market, has closed its second private equity fund – known as New Energy Investors II – on €330 million.
The fund, which posted a third close on €275 million in January, had been hoping to announce a final close between €300 million and €400 million by the end of this year.
Impax said in a statement that the European Investment Bank was an investor in the fund. InfrastructureConnect names the British Airways Pension Scheme, Co-Operative Insurance Society, London Pension Fund Authority and West Midlands Pension Fund as other investors in the fund.
The fund, which is targeting the renewable power generation sector, has already made three investments in the wind and solar sectors. These include the acquisition of the German and French wind development and operating assets of Conergy, the Hamburg-based solar company. Impax managing director Peter Rossbach said he expected further investments to be made this year.
In the statement, Impax chief executive Ian Simm added: “It is now five years since the final close of our first private equity fund, and the investment climate for renewable energy continues to be very attractive. The success of this fundraising reflects the strong interest that institutional investors have in the stable, long-term cash flows produced by renewable energy projects.”
Founded in 1988, Impax manages over £2 billion (€2.3 billion; $3.1 billion) across a range of funds and segregated accounts.