Environmental investor Ambienta has held a second close for its environment infrastructure fund Ambienta II on €200.2 million.
The vehicle, which has a €300 million target, had hold a first close on €147.2 million in October 2013. It launched in May 2013.
Nino Tronchetti Provera, Managing Partner & Founder, stated that they had raised enough to start investing. Ambienta would in exclusive due diligence negotiations in a couple of deals, according to the source.
The fund comprises two sub-vehicles to suit the legal requirements of international and Italian LPs.
Italian and Nordic pension funds were among the investors to commit to the vehicle at second closing. More than 44% of the capital raised at first close was committed by eight new international investors including the European Investment Fund, Credit Suisse, Hermes, Unigestion and several American and German family offices.
Ambienta II will invest in European companies focused on resource efficiency, gas and pollution-control technologies. The fund will invest in 10-15 companies. International expansion will be the central fund strategy; more than 85% of revenues generated by portfolio companies in Ambienta I originate outside of Italy.
Ambienta had three partners based in Milan when it raised the first fund. This time, the firm has two hubs - Milan and Munich - and a base in London, as well as 14 people in our investment team.