Prime Capital AG, the alternative asset specialist, with a focus on Continental Europe and €4.3bn assets under management as well €8.4bn assets under administration, has held the third closing of its Prime Green Energy Infrastructure Fund II (PGEIF II).
PGEIF II focuses on renewable energy projects across Europe — Scandinavia, in particular. Total commitments now stand at €313m, with around 45% of that total coming from existing investors and 55% from new limited partners. The target size of the fund is around €700m, with fundraising “well on track” according to Prime Capital.
The fund continues Prime Capital’s existing strategy in renewable energy, with a focus on the lowest LCOE (levelised cost of electricity) assets in combination with highly attractive, low-risk investments in the growing energy transition market. The net IRR target is 10-12%, with an expected money multiple of around two-times (basic term of 10 years). The fund has already secured a pipeline of over €600m in assets, with the bulk being in onshore wind.
