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KGAL raises €750m

The German independent investment and asset manager closes oversubscribed fourth renewable energies fund.

KGAL has held a final close of its KGAL ESPF 4 renewable energies fund at €750 million, following a first close in 2017. The fund had initially targeted €500 million but investor interest outweighed expectations and the firm made the decision to increase the hard-cap to €750 million in 2018.

KGAL ESPF 4 will invest predominantly in wind, solar and hydroelectric power in Europe via a core-plus strategy. Investments will include greenfield and brownfield projects.

The European Investment Bank has committed €100 million to the fund, while Achmea Investment Management and the London Borough of Haringey Pension Fund have also disclosed commitments.

KGAL ESPF 3 closed at €247 million in December 2015.