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South African cleantech fund The Evolution One Fund launches, targets ZAR1bn30/09/2008. Source: AltAssets. 
 South African investment management firm Inspired Evolution Investment Management has launched The Evolution One Fund, a cleantech and renewable energy-focused private equity fund with a target of ZAR1bn (£68m).
The fund previously held a first closing in July 2008 on ZAR400m (£27m). Investors include IFC, Castleway Properties, the Swiss Investment fund for Emerging Markets and the Finnish Fund for Industrial Cooperation.
The Evolution One Fund will make around ten to 15 investments over a period of three to five years across the whole SADC region, the firm said. The fund will focus on cleaner energy and the environment, targeting sub-sectors including cleaner energy generation and energy efficiency, cleaner production technologies and processes, air quality and emissions control, water quality and management, waste management, agribusiness and forestry, natural products, organics and natural health, sustainable buildings and environmental real estate.
The fund will focus principally on small, medium and micro-enterprises, black economic empowerment and transformation benefits of underlying investment projects, according to a statement.
Dr Zuko Kubukeli, executive director of Inspired Evolution Investment Management said, ‘Cleantech provides cross-sector opportunities to make more sustainable investments without foregoing the traditional returns of private equity. Having raised ZAR400m from our core international investors, we are now targeting a second round of international and local investors. We are single-mindedly focusing on building strategic partnerships and on sourcing proprietary and appropriate technologies for application within the SADC region across a variety of investment projects.’
Inspired Evolution Investment Management was established by Consensus Business Group, Pan-African Capital Holdings, Alluvia Group and Capital Evolution.
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