Impax raises €459m for fourth private markets infrastructure fund

Impax Asset Management has closed its latest value-add private markets infrastructure fund with €459m in capital commitments.

The asset manager said Impax New Energy Investors IV’s (NEF IV) investors include a “geographically diverse mix of institutional investors”, comprising pension funds, sovereign wealth funds, insurance companies, asset managers and family offices. 

The total amount raised includes a €20m co-investment commitment.

NEF IV, which targets investments in commercially proven technologies such as onshore wind, solar and small-scale hydropower, has a diversified pan-European portfolio with select US exposure, the manager said. The fund also makes selective investments in adjacent sectors including decentralised generation and energy efficiency.

Impax said the fund’s portfolio currently consists of 10 platform investments, diversified across six countries and five technologies.

The manager said NEF IV’s investments were all made within two years of the first close of the fund in October 2021, adding that fund has already signed its first successful exit – the sale of a solar portfolio in the US.

Daniel von Preyss, head of private equity and infrastructure at Impax, said: “Successfully closing the fund – close to its target size and approximately 30% larger than our last fund – is testament to the team’s ability to execute the investment strategy and deliver for our investors. 

“The market environment for investing in new energy infrastructure in Europe remains highly attractive. There is a global consensus that we must phase out carbon-intensive energy resources whilst promoting energy independence. 

“The favourable regulatory environment in which we operate is well-established and reflected by the EU’s ambitious renewable energy targets.”

To read the latest IPE Real Assets magazine click here.