KGAL’s new fund has already secured over €260m of equity, more than half of its target.
Insurance companies, pension funds, impact investment managers and family offices from across Europe have contributed to the successful launch of KGAL’s ESPF 5 renewable energy impact fund.
Existing clients represent two thirds of the first closing, with additional capital coming from new clients.
“This mix demonstrates the attraction to both existing and new investors of the strong performance of the predecessor fund, our active asset management strategy and our excellent market access,” said Michael Ebner (pictured), managing director of KGAL Investment Management.
Almost 20% of the committed capital is expected to be invested before the end of this year.
The first fund investment is a late-stage solar project development in Sicily with a planned installed capacity of over 100MW.
“In addition, we are in negotiations for large-scale collaborations with renewable energy developers in Germany and Spain,” said Ebner.