ImpactAlpha, October 17 — London-based private equity investor Lightrock has raised €860 million ($838 million) for its first climate impact fund.
Lightrock raised €260 more than initial target size of €600 million to meet demand from Lightrock anchor investor LGT Group, the investment house of the Princely House of Liechtenstein, and its private banking clients, Swedish national pension fund Första AP-fonden and the Grantham Foundation.
Lightrock will make growth investments ranging in size from €10-40 million in companies driving the net-zero economy in Europe and North America.
The fund, which has already made seven deals to date, will target companies focused on the energy transition, sustainable agriculture, sustainable transportation and decarbonizing hard-to-abate industries.
Other investors include Austrian insurance group UNIQA, Temasek’s GenZero, Dutch fund managers Carbon Equity and Wire Group.
Lightrock has raised three funds in a little more than a year, including a $300 million Latin America impact tech fund and a $900 million global impact growth fund. Lightrock’s Pål Erik Sjåtil called the trifecta “a resounding endorsement of our mission to scale impact impact investing.”