Moshesh Partners, a mid-market alternative asset manager, has reached a first close for its first Renewable Energy and Clean Infrastructure Fund, and is targeting R2 billion (about $140.8 million) in assets under management in the next 18 months. This is in addition to the more than 2,000 MW pipeline of solar, wind and storage projects it has already secured.

The fund anticipates equity returns of 16-18%, uncorrelated to securities markets, and will deploy debt and equity refinancing a...