Spring Lane raises $156.6m

The debut fund from North American manager Spring Lane will target sustainability businesses.

Spring Lane Capital held a final close of Spring Lane Capital Fund I on $156.6 million for the firm’s debut fundraise. The fund was targeting $400 million.

Fund I has made three investments since launching in 2017. Spring Lane provides a mix of project finance and growth capital to small-scale sustainability projects in the energy, food, water and waste industries.

Investors in the fund include pensions, endowments, financial institutions and family offices in North America and Europe, the firm said in a statement.

Commitments include $15 million from BDC Capital, and undisclosed amounts from Fondaction CSN, Fonds de Solidarité FTQ, and the Palomino Capital Corporation.