The sustainable investment subsidiary of France-based Natixis Asset Management expects to reach final close on two funds in the coming months, Hervé Guez, Mirova’s head of responsible research, told Infrastructure Investor.
“We have two funds for which we are raising capital, which will be closing soon,” Guez said during a phone interview. “One is dedicated to renewable energy, 50 percent of which will target investments in France, while the balance will be outside France but within Europe, as well as a generalist infrastructure fund.”
According to Mirova product manager Hélène Champollion-Morel, the renewable energy fund Mirova-Eurofideme 3 is expected to close in a few months reaching a target of €200 million to €250 million.
The fund was launched in the spring of 2014 and had a first close in July of the same year at €75 million. It follows on the success of FIDEME and Eurofideme 2, according to Mirova’s website, and will employ a similar investment strategy as its predecessors, aiming to establish long-term partnerships with industrial firms through co-investment and support in both the start-up and early operation stages. It will invest primarily in wind and solar projects.
Final close for Mirova Core Infrastructure Fund should come even sooner, according to Champollion-Morel, with the final fund size expected to be around €700 million.
The firm had exceeded its initial target of €500 million last September for MCIF, its first brownfield PPP infrastructure fund, raising €600 million at first close.
According to a press release issued at the time, the fund had invested in 18 assets predominantly in European PPP and infrastructure concessions, including transportation, broadband networks and social infrastructure projects. Capital for MCIF, which has a 25-year term, was raised from a diverse group of European investors including pension funds, insurance companies and funds of funds.
Based in Paris, Natixis established Mirova in 2012 as its investment division dedicated exclusively to responsible investment. Mirova has about €6 billion in assets under management, of which €1.4 billion represents its infrastructure portfolio, which includes renewable energy.