London-based Impax Asset Management Group has added 118 million Euro ($168 million) in committed capital for its second private equity fund, Impax New Energy Investors II LP, bringing the total raised to 259 million Euro ($368 million). The fund will focus on renewable energy deals across the European Union.
Impax Asset Management Group plc, (“Impax”), the AIM listed investment manager focused on the environmental sector, today announcesthat its wholly owned subsidiary, Impax Asset Management Ltd (“IAM”), has received subscriptions for an additional EUR118m of capital commitments to its
second private equity fund, Impax New Energy Investors II LP (“NEF II”).
NEF II is focused on investment opportunities in independent power companies and
projects in the renewable energy sector across the European Union.
Having already raised EUR141 million, as announced on 23rd March 2010, NEF II has
now received total capital commitments of EUR259 million.
As part of this fundraising, Impax has committed to invest an additional EUR0.6
million in NEF II, taking its total commitments to this fund to EUR2.6 million.
Separately, Impax also announces that, following a competitive tender, IAM has
been chosen by Danish pension fund Lønmodtagernes Dyrtidsfond (“LD”) to manage a
EUR75 million “Environment and Climate Equity” listed equity account. LD has
indicated that the account, which IAM will manage with support from BNP Paribas
Investment Partners and Alfred Berg Asset Management, is expected to be funded
in January 2011.
Including the total capital commitments to NEF II, but excluding the LD account,
Impax now has approximately GBP2.05 billion of assets under discretionary and
Ian Simm, Chief Executive of Impax, commented:
“I am strongly encouraged by the considerable and continued interest from
institutional investors for both private equity and long-only investment
strategies in environmental and renewable energy markets. Investors clearly see
these markets as having the potential to deliver excellent returns, and with
Impax’s strong track record and reputation in this field, we are optimistic for
continued growth in our assets under management.”