Olympus Asia gets IFC backing

The DFI has invested $25m in Olympus Capital’s environmental fund.

Olympus Capital Asia has received a $25 million provisional commitment from the International Finance Corporation for its Asia Environmental Partners II fund, according to a disclosure of intent from IFC. 

The fund is a $300 million vehicle, which will invest in mid-market companies across Asia, focused on the environmental and clean technology sector in those markets.

Olympus did not respond to requests for comment, while IFC declined to comment further than the disclosure as the commitment is still pending.

Olympus has been diversifying its investments recently. In March 2013, the firm launched its structured credit business, providing financing alternatives to mid-market companies that struggle to get bank financing but do not want to dilute their equity.

However, the firm first ventured into clean tech about six years ago, launching Asia Environmental Partners I. IFC was also an LP in the successor vehicle, a $250 million 2008 vintage.

Other firms tapping Asia’s environmental market include Armstrong Asset Management, which closed its debut vehicle over target on $164 million. The fund is focused on Southeast Asia, an area “under-allocated in terms of clean energy private equity”, according to the firm.

In August last year, Armstrong committed to invest up to $30 million out of its maiden fund into a portfolio of solar and biogas power projects across Thailand, the Philippines and Indonesia.

IFC was also an investor in Armstrong’s vehicle, along with European development institutions GEEREF and DEG, PEI reported earlier.