Sustainable investment growth equity platform Planet First Partners announced today that it has raised EUR450 million (US$480 million) at the second close of its second round of Sustainable Economy Transition Fund.

The second round of financing closed after the latest commitment to the fund by Ingka Investments, the investment arm of Ingka Group, the parent company of IKEA. The initial target size of the fund was EUR350 million (US$373 million), however, during the second closing, the fund exceeded this figure. Planet First Partners, as a manager company, invests in businesses that promote and encourage healthier lifestyles and develop more effective ways to protect the environment, focusing on European companies. The capital raised during the funding round will be invested in growth-stage companies with proven products and services, and technologies that help ensure the transition to a sustainable economy.

The fund invests up to EUR50 million (US$53 million), holding minority positions as a lead or co-lead investor.