Private equity firm Lightrock has raised $500m for a new strategy aimed at expanding access to affordable, clean energy across Asia and Africa, as global investors continue to back transition-focused opportunities in emerging markets, according to a report by Bloomberg.
The new vehicle, Accelerate7, will deploy between $10m and $50m into growth-stage companies operating across Sub-Saharan Africa, South Asia and Southeast Asia, according to a statement seen by Bloomberg News.
The fund attracted backing from a mix of strategic and financial investors, including energy majors Equinor ASA, Shell plc, and TotalEnergies SE, alongside LGT Group.
Lightrock chief executive Pal Erik Sjatil said the investor base reflects a growing interest among traditional energy players in supporting technologies and businesses further along the value chain, including potential acquisition targets within the portfolio.
The strategy focuses on three core investment themes: expanding electricity access, advancing clean cooking solutions, and supporting enabling technologies such as electric mobility and energy storage. The fund will also work with Singapore-based TRIREC to support deployment across Southeast Asia.
Sjatil described Accelerate7 as sitting at the intersection of infrastructure and growth equity, targeting companies that provide essential services while also offering scalable commercial upside in underserved markets.
The fund has already completed four early investments, including rooftop solar provider SolarSquare, off-grid solar platform Sun King, electric vehicle manufacturer Euler Motors, and clean cooking technology firm ATEC Global.
According to Lightrock partner and head of energy access Ademidun Edosomwan, the fund is designed to address a structural financing gap in emerging markets, where debt capital is relatively available but equity funding remains constrained.
He said Accelerate7 is aligned with UN Sustainable Development Goal 7, which focuses on ensuring access to affordable, reliable, sustainable and modern energy, and aims to deploy capital into businesses delivering both impact and scalable returns.
