Investment management business Inspired Evolution has secured a further $87.75-million in commitments from CDC Group, Cyane Holdings, the European Investment Bank, KLP Norfund Investments, Morgan Stanley Alternative Investment Partners and a US healthcare system, to reach total capital commitments of $216-million at final closing of its Evolution II Fund.
“We are pleased to have secured commitments from 12 investors comprising of a mix of strategic international development finance institutions, specialised fund-of-funds, institutional investors, pension funds and family offices.
“Growing investor confidence in Inspired Evolution’s offering, consolidates its market position as one of sub-Saharan Africa’s leading specialised clean energy and resource efficiency investment advisory businesses,” Inspired Evolution co-managing partner Wayne Keast says.
The Evolution II Fund is a specialised clean energy infrastructure and resource efficiency growth fund that invests in affordable, least-cost, low-carbon clean energy infrastructure projects and promotes growth in resource efficiency technologies, products and businesses in sub-Saharan Africa.
“We welcome our new investor partners on board the Inspired Evolution platform. We are delighted with this additional support and recognition given by the market to Inspired Evolution. These final commitments are testament to the successful demonstration of our investment thesis and performance having achieved top-quartile returns under our first Evolution I Fund,” says co-managing partner Christopher Clarke.
The $90-million Evolution I Fund, which was established in 2008, made 12 investments and developed and sold clean energy projects with a combined capacity of more than 922 MW.