Glennmont Partners is set to start raising money for its second fund, a renewable energy vehicle that will invest in solar, water and wind power infrastructure in Europe.
Glennmont Clean Energy Fund Europe II A is expected to collect €500 million, according to a US regulatory filing.
The European Investment Bank (EIB) in April approved an undisclosed commitment to the fund, its website said. Glennmont in its filing noted the fund has not secured capital in the US.
In America, BNP Paribas Asset Management in Boston is acting as placement agent for the fund. Francesco Cacciabue, partner and chief financial officer for Glennmont in London, could not be reached for comment. It could not be determined when Glennmont would hold a first close on Clean Energy Fund Europe II.
Glennmont formed in January in a spinout from BNP Paribas Investment Partners, a $660 billion asset manager. The operation had been called BNP Paribas Clean Energy Partners.
Joost Bergsma, Peter Dickinson and Scott Lawrence, who, with Cacciabue head Glennmont, started the renewable energy practice for ABN AMRO Asset Management in 2007.
The practice became a BNP Paribas unit in 2008, after the Paris-headquartered financial services group took over Belgium-based Fortis, which had acquired AMB AMRO in 2007 before the onset of the global financial crisis.
Glennmont has €437 million under management.