Environment sector investment manager Impax Asset Management Group has secured an additional €118 million for its second private equity fund.

Environment sector investment manager Impax Asset Management Group has secured an additional €118 million (£102 million) for its second private equity fund.

The fund, Impax New Energy Investors II (NEF II), will focus on opportunities in independent power companies and projects in the renewable energy sector across the European Union, the group says.

NEF II has a total capital commitment of €259 million after €141 million was raised in March.

AIM-listed Impax will invest an additional €600,000 in NEF II, taking the group’s commitment in the venture to a total of €22.6 million.

Impax has also announced Danish pension fund Lønmodtagernes Dyrtidsfond has chosen the group to manage a €75 million Environment and Climate Equity listed equity account to begin in January next year.

Impax chief executive Ian Simm says he is optimistic for continued growth in the group’s assets.

Simm says: ‘I am strongly encouraged by the considerable and continued interest from institutional investors for both private equity and long-only investment strategies in environmental and renewable energy markets.’