Euro cleantech funds draw commitments

Robeco subsidiary SAM has raised $200m towards a $500m target for third generation fund, while WHEB Ventures has corralled £105m for Fund II.

SAM Private Equity, a subsidiary of Dutch private equity manager Robeco, is “on course” to raise $500 million for its third generation clean technology private equity fund, the firm said in a statement on Wednesday. SAM focuses exclusively on “sustainability investing”.

The Robeco SAM Clean Tech Private Equity III Fund held a first close this week with commitments of $200 million, with the manager reporting strong demand from global institutional investors.

Like its predecessors, the fund will be a hybrid vehicle investing in the primary and secondary private equity clean-tech funds as well as co-investments opportunities. The fund will make around 15 to 25 fund investments and between 10 and 20 co-investments, the firm said. Investments will be equally balanced between North America, Europe and the rest of the world.

Earlier this week WHEB Ventures, a London- and Munich-based venture capital firm closed its second clean technology fund on £105.4 million (€125 million; $154 million). Among the institutional investors to commit to the fund were development finance institution the European Investment Fund and the Environmental Innovation Fund, the UK government-backed fund of funds managed by Hermes GPE. 

The fund also counts an unnamed US fund of funds as an LP and a number of wealthy families and individuals, such as the Bamford family, who own equipment manufacturer JCB, the Goldsmith family, Lord Jacob Rothschild and Simon Robertson, chairman of Rolls Royce.