£66mn Raised for Investment Trust and £19mn for Renewable Infrastructure Fund
Impax Group plc, the AIM-listed environmental investment management company today announced two successful fund raisings, taking the funds managed or advised by its whollyowned subsidiary, Impax Asset Management Ltd ("IAM"), to over £400mn.
Impax Environmental Markets plc
This morning, Impax Environmental Markets plc ("IEM"), the London-listed investment trust which invests in global water, waste and new energy markets, which is managed by IAM, held an Extraordinary General Meeting. A vote was passed to issue £66 million of subscriptions for C Shares. It is expected that these shares will begin trading on 15th August. The addition of the C Shares will take the aggregate net assets of IEM to over £190mn, reinforcing the trust's position as the leading closed end fund investing in the high growth environmental sector.
Impax New Energy Investors LP
Impax also announced that Impax New Energy Investors LP (the "New Energy Fund"), a limited partnership that invests in renewable energy projects and associated infrastructure, predominantly in Western Europe, has reached its target size of 125mn Euros before the Fund's first anniversary.
Keith Falconer, Impax Group's Chairman commented: "Investor appetite for exposure to the alternative energy, water and waste sectors is building strongly as they review the evidence of the fast growth in earnings that these sectors offer."
Ian Simm, Impax Group's Founder and Chief Executive commented: "Last summer Impax had less than £100mn under management. With sustained strong performance we have been able to attract several new investors to our products as well as increase the commitments from many existing investors. With a scaleable business model and committed team, we are well positioned to deliver value to our customers and generate future growth for the Group."
"Our fund raisings confirm that environmental markets are firmly in the mainstream and that Impax is the leading UK specialist investment company in this field," he added. Over the past 3 years Impax Environmental Markets plc has consistently outperformed leading stock market indices such as the MSCI World Index. It is the only pure play environmental investment vehicle in the FTSE All Share index.
Investors in Impax New Energy Investors LP include Dexia, London Pensions Fund Authority, Universities Superannuation Scheme, British Airways Pension Fund, Akarema (advised by Consensus Environment), West Midlands Pension Fund, Co-operative Insurance Society and South Yorkshire Pensions Authority. Impax New Energy Investors LP, announced its first investment last month - £13.5mn (20mn Euros) in Airtricity Holdings Limited (AHL), the Dublin-based renewable energy company.
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