Evolution II fund has reached final close with raising a total of US$ 216 million. After the first close, the fund has secured US$ 87.75 million in commitments from CDC Group, Cyane Holdings, the European Investment Bank, KLP Norfund Investments, Morgan Stanley Alternative Investment Partners and a US healthcare system. 

Evolution II is fund with a mandate for equity and equity-related investments into two principle investment streams: development and project finance infrastructure-type investments in clean and sustainable energy; and growth equity investments in energy and resource efficiency companies, and the value chains that support them. The Evolution II Fund will invest in various renewable energy and resource-efficiency assets across sub-Saharan Africa over a period of 10 years. The fund manager, Inspired Evolution Investment Management, brings experience and knowledge to the project from its previous fund, which focused on the Southern African Development Community (SADC) region and delivered 12 renewable energy projects with a total generation capacity of 925 MW.