Backers in the fund include sovereign wealth funds, fund-of-funds, international corporations, pension funds and leading family offices, according to a statement from the manager. Zouk Capital had aimed to raise €200 million for the second fund.
The London-based private equity fund manager, which was formerly zouk ventures, will invest in two cleantech asset classes following the close of Cleantech Europe II. The fund’s managers will target expansion-stage technology companies and renewable and environmental infrastructure, with both asset classes managed with separate funds and teams.
Target geographies for the fund include the UK, German-speaking countries, the Nordics, France and Benelux. Zouk’s 10-person technology team will manage investments. Prior to its final closing, Cleantech Europe II has already made its first investment in Anesco, partnering with Scottish & Southern Energy to expand the supplier of energy efficiency services in the UK.
Samer Salty, chief executive of zouk Capital, comments, ‘Cleantech II is a real milestone for zouk and the sector in Europe, and I am delighted that we have completed such a successful fundraising.
‘The scale of this fund creates a game-changing opportunity to support companies and to let our investors benefit from the impressive growth in cleantech. The strong demand we have seen from investors is testament to their confidence in the cleantech market and to the credentials of our investment team.’
Zouk was named Investor of the Year at the 2010 Rosenblatt New Energy Awards. The firm typically contributes €10 million alongside co-investors and has €370m in funds under management.