NewNet News - Deutsche Bank, Masdar Venture Capital cleantech fund reaches $265m first close

Deutsche Bank, Masdar cleantech fund reaches $265m first close

18 Jan 2010

A private equity fund co-managed by Deutsche Bank Climate Change Advisors (DBCCA) and Masdar Venture Capital has launched following a $265m first close. The DB Masdar Clean Tech Fund is to invest primarily in expansion and later stage companies in the clean energy, environmental resources and energy and material efficiency sectors.

The fund’s co-managers say that they are in the process of identifying and evaluating potential investment opportunities across the world and expect to complete a number of investments over the course of the year. The initial investor group was led by Siemens, and includes the Japan Bank for International Cooperation, INPEX CORPORATION, Nippon Oil Corporation, Davelopment Bank of Japan, and GE.

Dr Sultan Ahmed Al Jaber, CEO, Masdar, said, “Completing first close on the DB Masdar Clean Tech Fund is a clear statement of intent. We understand both the financial and social value of companies that are tackling global environmental challenges; we are committed to supporting them by providing capital investment and management expertise.”

DBCCA is the climate change investment and research business Deutsche Asset Management, a climate change investor with around $6bn under management as of September 2009.

Masdar is an Abu Dhabi-based initiative focusing on the development, commercialisation and deployment of renewable energy technologies and solutions.

The joint DBCCA-Masdar investment team is based in Abu Dhabi, New York and London.

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