An investor group made up of American high net worths, family offices, and wealth management firms have made commitments to Green Fund I, Fortis Green Renewables Investment Management‘s maiden private equity fund. The closed-end fund, which has raised $6 million so far, is confident of garnering another $4 million in the next few weeks. Ultimately, Fortis aims to raise $20 million for the fund according to the investment firm’s website, which will be invested in small-scale renewable energy developments in Africa. Africa Capital Digest has learned that the fund aims to deliver a net IRR of 20% to its LPs.
“Developers working on small-scale renewable energy assets in Africa can struggle to raise equity because most firms will not make investments under $10 million,” said Benito Grimaudo, Fortis Green’s Co-Founder and Managing Director, highlighting the fund’s opportunity. “Also, very few firms investing equity are also interested in creating tailored equity-like packages for their clients.”
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