Impax Asset Management has announced the final close of its fourth private markets infrastructure fund, Impax New Energy Investors IV.
A total of €459m was raised, which will be invested in renewable energy projects, making this the team’s largest fund raise to date.
Investors in NEF IV include a geographically diverse mix of institutional investors, comprising pension funds, sovereign wealth funds, insurance companies, asset managers, and family offices.
NEF IV has a diversified pan-European portfolio with select US exposure.
As a value-add, renewable energy sector specialist, the Fund targets investments in commercially proven technologies such as onshore wind, solar PV and small-scale hydropower, as well as selectively making investments in adjacent sectors including decentralised generation and energy efficiency.
The Fund’s portfolio currently consists of 10 platform investments, diversified across six countries and five technologies, all made within two years of the first close of the Fund in October 2021.
Examples include an experienced German wind developer with a sizeable portfolio, an Italian developer with an attractive solar PV and energy efficiency portfolio and a renewables developer with operations in both Ireland and the US, according to Impax.
The Fund has already signed its first successful exit – the sale of a solar portfolio in the US.
Daniel von Preyss, Head of PE/Infrastructure at Impax, said: “We are pleased to have held the final close of our fourth fund, attracting a diverse and committed group of existing and new investors.
“Successfully closing the fund, close to its target size and approximately 30% larger than our last fund, is testament to the team’s ability to execute the investment strategy and deliver for our investors.
“The market environment for investing in new energy infrastructure in Europe remains highly attractive.
“There is a global consensus that we must phase out carbon-intensive energy resources whilst promoting energy independence.
“The favourable regulatory environment in which we operate is well-established and reflected by the EU’s ambitious renewable energy targets.
“Overall, Impax’s New Energy strategy is well-positioned to capitalise on these favourable tailwinds and support the energy transition.”