Cubera, the Nordic private equity investor, expects to close its debut impact fund of funds “in the ballpark” of €125 million.
The firm began marketing the vehicle at the beginning of 2022 and expects to hold a final close towards the end of June, said Cubera’s chief sustainability officer, Urs Bitterling, speaking to New Private Markets on the sidelines of the Impact Investor Global Summit in London on Wednesday.
Cubera’s roots are in the private equity secondaries market; the firm closed its first secondaries vehicle in 2007, according to data from affiliate title Secondaries Investor, and it is currently raising Fund X. The firm, which was acquired by heavyweight Norwegian financial services group Storebrand in 2019, also has Nordic-focused and international primary private equity fund of funds strategies.
The firm has started to deploy its impact fund; it has made commitments to four private equity funds and is in process on the fifth.
A number of fund of funds managers are marketing or planning impact products: Munich-based Golding Capital Partners is marketing its debut impact product, Spanish private capital firm Arcano Asset Management closed its first impact fund earlier this year, while Zurich-based Alpha Associates has just launched its debut impact fund of funds, an SFDR Article 9 fund.
Numerous investor surveys – such as this one conducted by LGT Capital Partners last year – point to a secular increase in institutional investor appetite for impact. This secular trend, however, is set against more difficult cyclical fundraising conditions for private funds more generally.