Platina defers fund close

After a promising start to its latest fundraising, tough market conditions have forced the Paris- and London-based firm to lengthen the fundraising period for its €250m renewables fund.

Platina Partners has raised around €175 million for its fourth renewable energy fund, which it now hopes to close in June 2009 on €250 million. The firm began marketing the fund in October 2007 with the intention of closing before the end of 2008.

[Investors] now have a more sanguine view

Thomas Rottner

Thomas Rottner, managing partner, is confident that investors will soon resume their commitment programmes following this year’s acceleration of the financial crisis.

“There was barely any movement in September or October, but investors are now beginning to return to the market to consider their commitments for the first quarter of 2009,” Rottner told sister website PrivateEquityOnline, “They now have a more sanguine view.”

Thomas Rottner

The fundraising began promisingly, according to Rottner, with the firm rounding up €75 million in the first two months from existing investors without using any documentation.

Saïd Holdings, the investment vehicle of Syrian-Saudi Arabian businessman Wafic Rida Saïd, is amongst Platina’s repeat investors who have committed to the latest fund, as is Consolidated Industries Corporation, the investment business connected to Platina’s original family backers.

Amongst the new investors who have made commitments to the European Renewable Energy Fund I are French fund of funds Access Capital Partners and the mutual energy concern Northern Ireland Energy Holdings.

With offices in Paris and London, Platina currently has around €350 million under management in its various renewable energy funds, as a well as €106 million in a special situations buyout fund. The firm recently completed its conversion to limited liability partnership status.