Inspired Evolution fund achieves second close
Evolution III has secured commitments from ten new investors.
Inspired Evolution has announced the second close of its Evolution III fund.
Evolution III has secured commitments from ten new investors, including the Mauritius Investment Corporation (MIC) with a commitment of up to $20 million. Additionally, nine investors through Align Impact, a dedicated impact advisory firm, have joined, consisting of individuals, trusts, and foundations.
Inspired Evolution focuses on key climate-driven principal investment themes, namely clean energy infrastructure, energy access, energy and resource efficiency and the value chains that support them.
The Evolution III Fund achieved its first close in March 2023, securing $199.4 million in conditional commitments from seven international investors including the European Investment Bank, FMO, the African Development Bank, Finnfund, Swedfund, the Swiss Investment Fund for Emerging Markets, and the Emerging Markets Climate Action Fund.
Jitendra Bissessur, the chief executive officer of the MIC said, “We are delighted to partner with Inspired Evolution, Africa’s leading private equity investors focused on clean and renewable energy and energy transition. Our investment will help create a significant social, environmental and economic impact for Africa.”
Align Impact is an investment advisory firm specialised in co-creating and implementing impact investment strategies with individuals, families, foundations, institutions and advisors. Yihana von Ritter, director of private funds said, “We are honoured to join forces with the experienced Inspired Evolution team in fostering a greener future for Africa. Evolution III represents an attractive opportunity to make a meaningful difference in addressing climate change while targeting strong returns for investors. Scaling renewable energy in sub-Saharan Africa is not only a regional imperative but also a global one, essential to prevent locking into decades of fossil fuel infrastructure. The energy access component of the strategy, furthering social justice, is yet another compelling attribute of Inspired Evolution’s approach.”
Wayne Keast, co-founder and managing partner at Inspired Evolution said, “We are particularly excited to welcome ten new investors, including the Mauritius Investment Corporation, to our Evolution III Fund supporting our mission to drive impactful, sustainable growth across the continent. Our extensive 17-year experience in African clean energy and climate finance investments has been pivotal in achieving significant milestones. With 23 investments and 16 successful exits, the second close of Evolution III demonstrates the robustness of our investment strategy and the confidence our investors have in us.”
Christopher Clarke, also co-founder and managing partner at Inspired Evolution added, “The demand for climate-focused, socially responsible investments is at an all-time high. Institutional investors are increasingly looking for managers who not only adhere to global governance standards but also deliver substantial climate and social impacts. Our first investments from Evolution III in Red Rocket Holding (one of Africa’s leading IPPs) and Equator Energy exemplify our commitment to advancing Africa’s energy transition though sustainable energy solutions. The success of our second close underscores our team’s deep expertise and unwavering commitment to achieving superior returns while promoting sustainable development goals.”
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