Global PE firm Actis LLP has hit the final close of its fifth Energy fund at $4.7 billion, exceeding its $4 billion target, the firm said on Thursday.
Alongside co-investments, the fund will have around $6 billion of investable capital, it added.
Of the total amount raised, it will earmark $850 million for India to be invested over four or five years.
“We are committed to the Indian renewable sector and will continue to be a leading investor in Indian green energy,” Sanjiv Agarwal, Partner Actis and Head of Energy for Asia said.
Actis has previously invested $800 million over the last seven years in Indian renewables in platforms such as Ostro Energy and Sprng Energy to build a 3 GW of solar and wind capacity, the firm said.
Actis sold Ostro Energy to Renew Power in 2018. It has started the sale process of Sprng Energy and appointed an investment banker, Mint reported in August 2021.
The London-based PE firm said that the fundraise saw sizeable LP re-ups as well as new commitments from a high quality, diversified investor base. “The LP base includes pension funds, insurance companies, endowments, sovereign wealth funds and other investors from across the globe. The fund raise was conducted entirely during the global pandemic, requiring creative solutions to due diligence including ‘virtual’ site visits and remote management team meetings,” the firm said.