Fundraising

CCC claims 34% IRR from wastewater exit

The London-based fund manager has sold its 20% stake in French company Orege after almost three years of ownership.

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CCC Private Equity (CPE), a London-based fund manager, has sold its 20 percent stake in Euronext Paris-listed French wastewater company Orege.

The stake was sold to French natural resource efficiency group Eren through a simplified tender offer at a price of €4.20 per share, giving Orege a market capitalisation of approximately €80 million.

According to a statement from CPE, the sale delivered a gross internal rate of return (IRR) of 34 percent to its investors less than three years after it led an investment round to support Orege’s expansion with an €8 million commitment in July 2011.

“We invested in Orege in 2011 because it was commercialising two unique and disruptive wastewater treatment technologies with broad market applications across strategic sectors,” said Alex Betts, a managing director at CPE, in the statement.

“Less than three years on we are delighted to see that those technologies have been commercially deployed under the leadership of a strengthened management team,” he added.

CCC Private Equity, which is part of sustainability-focused investor and adviser Climate Change Capital, invests a €200 million fund in resource efficiency businesses in the energy, industrial and environmental sectors.