ETF raises £60m for second fund

The sum exceeds the ETF's expected first-close target.

ETF's maiden fund held a final close on £110m in April 2008, following a €50m first close in November 2006. The vehicle has a 10-year lifespan with the usual extension provisions, according to unquote" data.

Investors
Several existing LPs have re-upped into the latest fund, including the European Investment Fund (EIF), a number of European pension funds, financial institutions, corporate investors and family offices.

Investors in the GP's maiden fund included City of London Pension Fund, Co-operative Insurance Society, F&C Asset Management, London Borough of Hounslow Pension Fund, Robeco Institutional Asset Management and Swiss Re Private Equity Partners, according to unquote" data.

Investments
The vehicle will back SMEs with environmental benefits. Portfolio companies will deploy technologies and solutions to enable a more efficient use of resources including energy, water and other natural resources.

The GP commits £5-15m of growth capital per portfolio company in single and follow-on investments. The investment focus is pan-European.

Portfolio companies in the previous vehicle include 4energy, a Nottingham-based telecoms and data-cooling provider, and German engine manufacturer Compact Power Motors.

People
The founding partners of ETF are Henrik Olsen, Peter Horsburgh and Patrick Sheehan.

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• Venture
• Environmental Technologies