SPARX Group raises ¥47 billion

The Tokyo-based asset management firm closes its renewable energy brownfield fund.

SPARX Group has held the final close for SPARX Renewable Energy Brownfield Fund on approximately ¥47 billion ($423.6 million; €363.5 million). The fund is a closed-ended vehicle with a term of 20 years and a target IRR of 5 percent. Its investment period will last until 31 October 2020, with capital to be deployed in brownfield projects in Japan.

Investors in the fund include SPARX Group itself and a raft of LPs, including: AEON Bank, Bank of Nagoya, NEC Capital SolutionsNippon Life Insurance CompanyRicoh Leasing CompanySumitomo Mitsui Banking Corporation, Sumitomo Mitsui Finance and Leasing, Sumitomo Mitsui Trust Bank, Taiyo Life Insurance Company, the Tochigi Bank, and Toda Corporation.