Green is the colour as ETF closes first fund

Environmental Technologies Fund (ETF) has reached a final close on £110m for its debut fund. The sum is above the GP's original target and follows a first close on EUR50m reached on 30 November 2006. The vehicle is set up as a standard limited partnership with a 10-year lifespan and usual extension provisions. SJ Berwin provided legal advice.

Institutions that committed for the first close, including Swiss Re and The European Investment Fund (EIF), were joined by Robeco, The Co-operative Insurance Society and F&C for the final close. Other leading European pension funds and financial institutions also committed capital. Environmental Technologies Fund will aim to invest in European high-growth, clean technologies and services companies in the energy storage & conservation, emissions reduction, renewable energy, water, 'smart building' technologies, applied materials and recycling spaces. It will invest on a pan-European basis with an emphasis on the UK, the Nordic countries, Germany, Benelux and Switzerland. Two investments have been made from the fund with a third nearing completion at the time of going to press.

The founding partners of ETF are Henrik Olsen, Peter Horsburgh and Patrick Sheehan; the chairman is David Quysner who is also chairman of Abingworth. (Page 05)

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