SWEN Capital Partners has held a first close on its Impact Fund for Transition 2 fund (aka SWIFT 2). The sustainability-focused private markets firm has raised €150 million to invest in renewable gas and circular economy initiatives, according to a statement today.
Says the firm: “The fund invests directly in methanization and renewable hydrogen, as well as in green infrastructure such as renewable heat networks and energy storage. Like its predecessor, SWIFT 1, SWIFT 2 will dedicate more than half of its investments to biomethane, a business experiencing strong growth in Europe. Meanwhile, investments in green hydrogen should make up a significantly larger share of this second vintage.”
The fund has a target size of €300 million. The aim is to build a portfolio of about 20 assets, primarily in Europe, with ticket sizes ranging from €5 million to €50 million.
Not for the first time, half of the carried interest the SWEN team stands to earn will be contingent on achieving targets relating to environmental and social factors.