Environmental-focused private equity firm Ambienta has held a preliminary closing on its Ambienta II fund on €147.2m, above its initial first closing target.
The firm is seeking to raise as much as €300m, according to CEO Nino Tronchetti Provera.
The closing comes less than six months from launch. LPs to date include existing investors as well as debut Italian investors and international institutions such as pension funds, insurance companies, fund of funds and family offices. Forty four per cent of the amount was contributed by eight European and North American investors who invested for the first time, the firm said.
Last year AltAssets reported that Ambienta was gearing up for a return to the fundraising market with a pan-European investment vehicle.
The fund is a follow-up to the Milan-based firm’s debut fund, Ambienta I, which raised €217.5m in 2009 and to date has built a portfolio of SMEs. within the environmental sector. The vehicle had an average investment size ranging from €10m to €30m and focused on mid-term capital appreciation.
Ambienta said it will increasingly seek investments in European companies that could market their environmental technologies abroad as well as those in the water and waste management space.
The firm typically pursues a value-generating strategy through international business development and growth. Fifty per cent of the firm’s portfolio company revenues are generated from outside Europe, having more than doubled over Ambienta’s holding, the firm said.
In July 2013, Ambienta I completed the exit of its 82 per cent stake in lighting tower company Tower Light.
Last year, it also brought in venture specialist and former Siemens Venture Capital executive Rudolf Ohnesorge to run its German branch as it looked to capitalise on the firm’s pan-European capability.
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