Business
Fund second closing
Fund second closing.
About this update from Impax Asset Management Group Plc
[{"type":"text","content":"\n Impax Group PLC\n15 May 2006\n\n\n15 May 2006\n\n Impax Group plc (IPX) announces Impax New Energy Fund increases to €97 million\n following successful second closing\n\nImpax Group plc ('Impax'), the AIM-quoted environmental investment specialist,\ntoday announced a €37 million second closing of its private equity fund, Impax\nNew Energy Investors LP ('the New Energy Fund'). The fund aims to exploit the\nsignificant investment opportunities in Europe arising from the legally binding\nEuropean targets for renewable energy supply. This second closing increases\ntotal commitments to the New Energy Fund to €97 million.\n\nImpax, assisted by Dresdner Kleinwort Wasserstein, the lead placement agent,\nwill continue to market the fund to new investors with the aim of reaching the\ntarget fund size of at least €125 million. A third and final closing for the\nfund is planned for summer 2006.\n\nIan Simm, Impax Chief Executive, commented: 'The investment climate for\nrenewable energy has never been more favourable and large institutional\ninvestors are increasingly seeking exposure to it. This expansion of our fund\ntargeting renewable energy projects is a welcome endorsement of Impax and its\ninvestment team.'\n\nThe New Energy Fund is supported by Dexia Credit Local, the sponsoring investor\nand a leading provider of finance to the energy and infrastructure sectors in\nWestern Europe. Other investors in the fund include British Airways Pension\nFund, Co-operative Insurance Society, Universities Superannuation Scheme and\nSouth Yorkshire Pensions Authority.\n\nThe fund's investment team is led by Peter Rossbach, Director of Investments,\nwho has 20 years' experience financing projects in this sector.\n\nPeter Rossbach commented: 'Our work with Dexia and with contacts on the\nContinent has produced a robust deal flow for the fund, particularly in the\nwind, solar and biomass sectors, and we have already pre-selected a significant\nnumber of projects for investment.'\n\nThe New Energy Fund is managed by Impax Asset Management Ltd, a wholly-owned\nsubsidiary of Impax Group plc.\n\nThe second closing of the New Energy Fund takes Impax's total funds under\nmanagement and advisory to over £350 million.\n\nFor further information, please contact:\n\nKeith Falconer, Chairman - 07747 066637\n\nIan Simm, Chief Executive - 020 7434 1122...