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North Sky Capital’s clean infrastructure fund tops its fundraising target

Minneapolis-based investment firm North Sky Capital has closed its Clean Growth Fund IV at $63 million, $13 million above its target.

The team has already made four investments and deployed nearly a quarter of the fund’s capital toward infrastructure in the U.S., Canada and Europe.

North Sky Capital started in 2000 as a traditional private equity buy-out and venture capital firm inside investment bank Piper Jaffray and began focusing on clean tech in 2006. Since spinning out of the bank in 2010, the fund has focused on companies delivering water and clean energy to urban areas in developed countries.

North Sky closed a $240 million clean energy infrastructure fund earlier this year and has $1.2 billion in committed capital.

A new benchmark from the Global Impact Investing Network and Cambridge Associates showed mixed performance for impact funds investing in infrastructure. About a quarter of the funds generated internal rates of returns of of greater than 10 percent. But three funds lost at least 15 percent, bringing the overall pooled-net IRR to near zero.

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