Impax Asset Management Group Plc, the London-based investment firm has announced that it has raised a total amount of €149 million (US$158 million) for its third private equity, the New Energy Investors III (NEFIII).

This is the first close of the fund, which aims to invest mainly in the construction of on-shore wind, solar and hydro projects, primarily in selected European countries.

The final close for the renewable energy infrastructure fund is expected to be announced within a term of 15 months.

Keith Falconer, Impax Chairman, commented:

“2016 has been one of the most successful in our nineteen year history, with strong growth in assets and investment out-performance. In an increasingly challenging environment for generalist investment managers, Impax is well positioned with a clear focus on providing an attractive specialist offering to asset owners. I believe our accomplishments across the business over the past twelve months demonstrate that our business model is well positioned to continue to deliver value to all our stakeholders.”

Ian Simm, Chief Executive added:

“Following the strong results of 2016, the positive news flow has continued in the first couple of months of this financial year. On 30 November we announced the first close of our third private equity renewable energy infrastructure fund which invests in European assets. Our listed equity mandate pipeline is also most encouraging and we see a rapid expansion of demand for investment management services targeting environmental and resource efficiency markets.”

As of 2016, Impax Asset Management manages and advises on approximately US$5.7 billion primarily for institutional clients through both listed and private equity strategies.