Glennmont closes second fund on €500m hard-cap

Glennmont Clean Energy Fund Europe II had a target of €450m and held its first close on €200m in August last year. At the time, the vehicle was aiming to reach its target within 12 months.

BNP Paribas Investment Partners acted as global placement agent while Global Private Equity Partners acted as sole placement agent in France and the Middle East.

Glennmont (then BNP Paribas Clean Energy Partners) launched its first fund, Clean Energy Fund, in 2009, raising €437m in 18 months. BNP Paribas Investment Partners acted as a cornerstone investor.

From this fund, the GP made investments worth more than £1bn in proven alternative energy technologies. The fund is now fully invested.

Glennmont span out of BNP Paribas in 2013.

Investors
Glennmont's latest fund attracted commitments from new and existing LPs. Backers include institutional investors, funds-of-funds, pension funds and insurance companies from across Europe, the US, the Middle East and Asia.

In December 2013 it received €50m from the European Investment Bank with the vehicle reaching €250m as a consequence.

Investments
The fund focuses on clean energy infrastructure investments across the wind, biomass, solar and small-scale hydro sectors.

The vehicle has a 10-year lifespan.

People
Joost Bergsma and Peter Dickson are managing partners at Glennmont.

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