Element Partners closes second cleantech fund on $486m

9th March 2009

Cleantech-focused growth equity firm Element Partners has closed its Element Partners II fund on $486m. The fund had an initial target of $400m.

Investors into the fund include corporate, state and municipal pension funds, university endowments, private foundations, funds of funds and family offices, the firm said. Element II will invest in high-growth companies bringing cleantech solutions to a broad range of sectors, including energy, water, materials and manufacturing.

‘The successful fundraising further validates our history of providing investors with superior results, and the growing interest in cleantech,’ said David Lincoln, managing partner of Element. ‘We are extremely gratified by this vote of confidence and look forward to extending our leadership in the global cleantech arena.’

The firm currently has 22 portfolio companies in industries ranging from alternative energy and water treatment, to biofuels and green building materials. The closing of the new fund brings Element Partners’ total assets under management to over $800m over three funds.

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