Origo secures $60m for China cleantech fund, targets first close by year end
Origo Partners, a London-listed private equity investor focused exclusively on China, has received $60 million in commitments for a $200 million fund targeting cleantech companies.
CFO Niklas Ponnert told Dow Jones that the vehicle aims for a first close by the end of the year.
Launched in September 2011, the vehicle - China Cleantech Partners - will make 10-15 investments in areas such as alternative energy, water and energy storage and distribution. It will either invest directly or through the Origo Xinxiang Renewable Energy Fund, a RMB500 million ($78.6 million) joint venture vehicle with the municipal government of Xinxiang.
The fund is targeting an IRR of 25% and has an expected life of 10 years.
Origo has backed at least five cleantech companies in China since 2008. In November 2010, it invested into Shanghai EV-TECH New Energy Technology, which specializes in electric vehicle software control systems. The deal came only two months after the private equity player backed Unipower Battery, a lithium-ion battery manufacturer.
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