Entropy closes first cleantech fund
Entropy Ventures, a Hong Kong-headquartered cleantech investment firm, has closed its first fund, the Amadeus Asian Clean Energy Fund, at $56.8 million, the firm confirmed to AVCJ.
"We had our first close in September 2008 and our final close in September 2010," Fergie May, Partner and Co-founder with Entropy, told AVCJ. While declining to give details of individual investors, May also confirmed that the fund's LP base "was pretty much one-third each Asia, US and Europe," and constituted chiefly of pension funds, asset managers and other typical private equity investors. The firm only used placement agent support for a small portion of its total raising.
May added that "about 50% of the fund will be in China, looking at traditional and renewable energy, storage and control systems." The firm has made two to date, May confirmed, one in Horizon Fuel Cell Technologies, based in Shanghai and Singapore, where it led a Series D round, and one in SolarETC, based in Tianjin.
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