European PE Firm Raises $153 Million For Second Cleantech Fund

Apr 22 2010 | 8:47am ET

European private equity firm WHEB Ventures has held the fourth closing of its second clean technology fund at $153 million (£100.3 million). 

WHEB Fund 2’s new commitments include one from HPE Environmental Innovation Fund, which is managed by Hermes GPE. Hermes was selected to be one of the fund of funds managers of the UK Innovation Investment Fund which was established in January this year to invest in low carbon and clean technology funds and to co-invest in companies.

Alongside Hermes, WHEB also counts the European Investment Fund among its institutional fund investors.

“We are delighted with the progress of our fund raising to date. WHEB is one of very few European VC firms to have raised capital during the last eighteen months, a very challenging period for fund raising,” said James McNaught-Davis, a managing partner at the firm. “We are particularly pleased to be the first cleantech fund to receive an allocation from Hermes GPE’s Environmental Innovation Fund. Their commitment to WHEB’s second cleantech fund is a testament to the quality of our team, the fund’s balanced investment strategy and the portfolio of investments built to date.”

WHEB’s Fund 2 has made five investments since its first closing in July 2008. These investments address markets in the energy efficiency, green industrial processes and waste management sectors.

The firm plans to hold a final close of the WHEB Ventures Private Equity Fund 2 at the end of May.


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