Allianz Global Investors has announced its second renewable energy fund, Allianz Renewable Energy Fund 2 (AREF2).

The new fund is focused on European wind and solar renewable energy projects. With a target size of €300 million (US$333 million), the fund has raised a total of €190 million (US$211 million) at the end of its second closure. 

AREF2 follows Allianz Renewable Energy Fund (AREF), which was launched in 2012 as a closed-end fund for institutional investors. This first fund invests in renewable energy projects including wind farms and solar parks in developed countries, with a focus on Europe. The fund closed in September 2013, with investors securing around €150 million.

Allianz Global Investors provides its services to individual and institutional clients. It manages separate client focused equity, fixed income, and balanced portfolios. The firm also launches and manages equity and fixed income mutual funds for its clients.