ENVIRONMENTAL investment fund Impax has completed the €330m (£287m) fundraising for its second private equity fund.
Impax New Energy Investors II is a private equity and infrastructure fund set up to invest in renewable power projects and companies across Europe.
Ian Simm, chief executive of Impax, said the climate for raising new assets is challenging.
He added, however: “Against a backdrop of high fossil fuel prices, water shortages and concerns about pollution, investment opportunities in environmental markets offer excellent potential over the medium to long term.”
Yesterday Impax said in a trading statement that assets under management rose 15 per cent to £2.096bn at the end of August despite volatility in global equity markets.
The Aim-listed firm, which focuses on the alternative energy, water treatment and waste management industries, said however that AUM were down 11.2 per cent since the end of the first half on 31 March.
Impax said market movements and currency effects led to a reduction in AUM of about £300m with net inflows of £35m.
Shares in Impax Group closed down 3.19 per cent at 45.5p.
Results for the year ending 30 September will be published on 29 November.