London-based green investment fund Environmental Technologies Fund (ETF) reached a final close of £110m for its debut fund last week, significantly exceeding its original target.
At the first close of the fund in November last year €50m (£38.1m) had been raised, but since then the fund has swelled almost threefold to £110m.
ETF said it will aim to invest in high-growth, clean technologies and services companies, particularly in the energy storage and conservation, emissions reduction, renewable energy, water, "smart building" technologies, applied materials and recycling spaces.
It will invest on a pan-European basis with specific emphasis on the UK, the Nordic Countries, Germany, the Benelux region and Switzerland.
Two undisclosed investments have already been made from the fund with a third nearing completion at the time of going to press.
The fund is backed by a raft of high profile investors. Institutions that committed for the first close, including Swiss Re and The European Investment Fund (EIF), have now been joined by Robeco, The Co-operative Insurance Society and F&C together with other leading European pension funds and financial institutions.
The investment vehicle is set up as a standard limited partnership with a ten-year lifespan and usual extension provisions.
The founding partners of ETF are Henrik Olsén, Peter Horsburgh and Patrick Sheehan; the chairman is David Quysner who is also chairman of Abingworth.
A version of this story first appeared at Unquote.com
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