Progress-focused non-public fairness investor Lime Rock New Vitality (LRNE) introduced the ultimate shut of Lime Rock New Vitality Fund II, elevating $640 million to spend money on excessive progress vitality transition corporations.
On the remaining shut, the fund considerably surpassed its $500 million goal, and doubled the dimensions of its predecessor Fund I.
Mark Lewis, Managing Director of Lime Rock New Vitality, mentioned:
“We’re tremendously grateful for the boldness our restricted companions have positioned in us. Closing Fund II at double the dimensions of Fund I displays their confidence in our workforce, our disciplined funding method, and the compelling alternative set we see throughout the vitality transition panorama.”
Based in 2019, Connecticut-based LRNE invests in vitality transition-focused corporations that assist their clients produce, devour, or decarbonize vitality with a quantifiable, optimistic environmental impression, with a give attention to three key areas, together with services and products driving renewable vitality and grid modernization, vitality effectivity for business and the constructed surroundings, and the decarbonization of transportation.
The agency mentioned that just about 90% of its traders from Fund I re-invested in Fund II, whereas the brand new fund noticed a significant growth in its investor base, with roughly one third of commitments coming from European and Asian establishments.
Mark McCall, Managing Director of Lime Rock New Vitality, mentioned:
“Lime Rock New Vitality was based on the conviction that financial and local weather imperatives are driving a multi-decade vitality transition. Our technique is to again corporations which might be facilitating and accelerating that transition. When these corporations succeed financially, they create optimistic impression for the local weather and the surroundings.”
