Mirova’s fifth fund, dedicated to financing energy transition infrastructure, has raised €1.6bn at close.
The manager said the amount raised for the Mirova Energy Transition 5 (MET 5) fund exceeded €859m raised for the fourth fund in 2018.
Raphaël Lance, director of Mirova’s energy transition infrastructure funds, said: “This fundraising demonstrates investors’ confidence in our responsible investment strategy, which puts impact at the heart of its activity. Of the €1.6bn raised, €500m came from clients already invested in our other ventures.
”MET 5 also marks our ability to raise funds internationally, with more than 75% of the investors coming from other European countries such as the Netherlands, the UK, Germany or even Spain and Italy, from North America or Asia.”
As previously reported, Dutch pension fund PME made a €150m commitment to the fund.
Mirova said the fund has currently deployed €600m in France, Poland and Belgium, adding that another major area of development for MET 5 is the opportunity to invest outside Europe.
“This geographic diversification can reach up to 10% of the fund’s assets and targets projects located in OECD member countries.
“Thus, the fund can invest in Asia, extending the partnerships forged with European developers into this region duplicating the models of projects already completed in Europe. A first significant investment has been made this way in Australia,” the Natixis Asset Management subsidiary said.
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