Impax, a UK financial services business dedicated to the environmental markets sector, has launched and held a first closing of Impax New Energy Investors LP, a private equity fund targeting investments in projects in the renewable energy and related sectors, predominantly in Western Europe. The fund has raised E60m so far and has a target of E125m.
The fund’s investment team will be led by Peter Rossbach, who has 18 years’ experience financing projects in the renewable energy sector. The first close has been backed by cornerstone investor Dexia Crédit Local, a leading provider of finance to the energy and infrastructure sectors in Western Europe, together with several other major financial institutions, including British Airways Pension Fund, Co-operative Insurance Society, Universities Superannuation Scheme, and South Yorkshire Pensions Authority.
Impax, assisted by Dresdner Kleinwort Wasserstein, its placement agent, will continue to market the fund to new investors with the aim of reaching the target fund size within twelve months.
The new fund will take Impax’s funds under management to over £150m.
Chairman Keith Falconer, said: “The launch of the New Energy Fund is a major step forward for the Group. Impax is now managing money for over fifty major institutional investors in an exciting growth market. With scaleable products such as the New Energy Fund and our open-ended fund, Impax Environmental Markets (Ireland), we are well positioned for expansion. I am delighted that the board has appointed Ian as Chief Executive, and look forward to working with him and other members of the senior management team to grow the company.”