Mirova contemplates first growth fund as follow-up to ESG vehicle

Myriam Mariotte
25 October 2021

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Mirova is eyeing the launch of a growth fund within the next three years, according to head of impact private equity funds Marc Romano.

Natixis subsidiary Mirova recently announced the launch of its first impact fund, Mirova Environment Acceleration Capital Fund, which has a EUR 300m target. Mirova Environment Acceleration Capital Fund will invest in European companies providing innovative, sustainable technologies and services that contribute to the environmental transition.

Mirova Environment Acceleration Capital Fund, whose lifespan will not exceed five years, has already secured EUR 18m against its EUR 300m target, according to Romano. The fund will deploy equity tickets of EUR 5m-25m and expects to make 20-25 platform investments.

Once the vehicle reaches around 75% deployment, Romano said Mirova plans to launch its first growth fund. That threshold is expected to be reached by the beginning of 2024, he added, declining to elaborate on further details of the fund.

Mirova, whose other strategies include infra, natural capital and social impact, plans to finish this year with five deals signed, having already made two investments.

This September, Mirova led a Series B round that saw agritech start-up Ombrea raise EUR 7m. It also supported Agronutris, a biotech specialising in breeding and transforming edible insects, which raised EUR 50m in equity last month.