Renewable energy fund collects €259m

The UK-listed specialist investment manager, Impax Asset Management Group, has announced the second closing of its European renewable private equity fund on €259m.

Impax Asset Management Group, the UK-listed environmental investment specialist, has announced the second closing of Impax New Energy Investors II (NEF II), the company’s European renewable energy private equity fund, with total commitments of €259 million.

NEF II focuses on investment opportunities in independent power companies and projects in the renewable energy sector across the European Union.

Impax Asset Management (IAM), the group’s wholly owned subsidiary, received subscriptions for an additional €118 million of capital commitments for NEF II, the company said in a statement. The company had already raised €141 million in March this year and an additional €600,000 has been committed by Impax to NEF II, taking the company’s total commitments to NEF II to €2.6 million.

In related news, IAM has been chosen by Danish pension fund Lonmadtagernes Drytidsfond to manage a €75 million listed equity account. The Environment and Climate Equity account will be managed by IAM with support from BNP Paribas Investment Partners and Alfred Berg Asset Management. The account is expected to be funded in January 2011.

Impax has approximately £2.05 billion (€2.3 billion; $3.3 billion) of assets under discretionary and advisory management.