One of Europe’s largest green venture capital funds is to be raised by London-based WHEB Ventures, it will today be announced.
Some of Britain’s most prominent business families, including Lord (Jacob) Rothschild of the banking dynasty and Simon Robertson, Rolls Royce chairman and former head of Goldman Sachs Europe, have already invested in the Cleantech venture.
WHEB has just achieved a first closing, exceeding their expectations at £57m. The ultimate target is £150m, which the firm hopes to raise through more institutional investors.
Managing partner of WHEB Ventures James McNaught-Davis said: “Our aim was to raise over £50m from family offices and other private investors for the first closing this summer, so we are delighted it has been achieved, particularly in the current economic climate.”
The investment theme spans a range of sectors and products that mainly use renewable energy or aim to eliminate environmental impacts.
“We are now raising a second fund much larger than our first, primarily because we are seeing an increasing number of attractive investment opportunities across Europe.” McNaught-Davis added.
Founding partner Dr Rob Wylie, said: “During the past 18 months, we have invested in our business in order to build a first class team of investment professionals. We have built our team from the original three Founders, at the closing of our first fund in 2005, to the current team of eight investment professionals and have further plans for expansion”.