Pioneer Point Partners has invested over €100m in two transactions for its maiden institutional fund, which is focused on sustainable infrastructure investments in Europe.
The investment manager said the Pioneer Infrastructure Partners fund had acquired a majority stake in energy projects developer PerPetum Europe from its founder Luc Leenknegt and invested in Comat Servizi Energetici, a residential energy-efficiency company in Northern and Central Italy.
PerPetum, founded in 2007, is a Belgium-based company that operates and develops rooftop solar projects for commercial and industrial customers. The company is increasingly focused on multi-technology solutions including onshore wind, battery storage and electric vehicle charging infrastructure.
Pioneer Point said that, as part of the deal, the fund will also provide capital to help PerPetum grow further in Belgium and into other European markets such as France.
Comat provides a range of energy-efficiency services, including the replacement of centralised boilers with more efficient technologies.
Pioneer Point said the fund acquired Comat with European fund manager Marguerite, from the Italian Energy Efficiency Fund 1, managed by Fondo Italiano per l’Efficienza Energetica’s (FIEE), and other shareholders. FIEE, via its investment fund IEEF II, then contributed its portfolio company Metrotermica to Comat, resulting in an equal partnership.
Pioneer Point said its debut fund, which was launched in 2020, has now completed six investments. The fund held a €575m final close in February 2022, exceeding its initial €500m target.
As previously reported, the lower mid-market value-add fund, received capital commitments from investors including Texas Municipal Retirement Systems, the European Investment Fund and the Church Commissioners for England.
The lower mid-market value-add fund targets at least 15% internal rate of return over a 10-year term, including an annual cash yield of 4-6%, through a diversified portfolio of eight to 10 investments.
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