Sustainable Technology closes cleantech fund

01 October 2008

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Fund

Nordic-based Sustainable Technology Partners has held a third and final close of Sustainable Technologies Fund 1 LP at EUR58m. Launched in January 2007, it has a target size of EUR50-60m and a life span of eight years with a two-year extension. Advised by White & Case, terms and conditions were described as standard.

Investors

Both Swedish and international investors contributed to the fund. Among the institutional investors were the Sixth Swedish National Pension Fund (AP6) and the Third Swedish National Pension Fund (AP3).

Investments

A dedicated cleantech fund, Sustainable Technologies invests expansion capital in Nordic companies active in renewable energy, energy efficiency, renewable materials and green chemicals as well as recycling and purification technologies. The fund aims to back a total of 12-15 companies over its investment period, with allocations of EUR2-7m per business. Approximately 40% is reserved for follow-on investments. The investor estimates that about 90% of deals will be exited via trade sales. Two investments have been made to date: in Swedbo Bioenergy in June 2007 and Suncore AB in June this year. At the time of going press, one deal is in the pipeline and due to be announced in October.

People

The fund is managed by the founders of Sustainable Technology Partners, investment directors Anders Frisk and Andre Heinz, together with investment director Klas Gustafsson.

Name: Sustainable Technologies Fund 1 LP

Closed on: EUR58m

Focus: Nordic cleantech expansion

Contact: Anders Frisk

Address: Sustainable Technology Partners Nordic AB, Amiralitetshuset, SE-111 49, Stockholm, Sweden

Tel: +46 8 650 77 18

Advisers: White & Case (Legal).