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Wheb raises GBP100m in fourth closing of cleantech fund

Wheb Ventures, a European clean technology private equity firm, has completed the fourth closing of its second clean technology fund, Wheb Ventures Private Equity Fund 2 at GBP100.3m (EUR114m or USD153m).

Wheb has so far attracted support from family offices and financial institutions and will hold the fund’s final closing at the end of May 2010.
The fund’s new commitments include one from HPE Environmental Innovation Fund, managed by Hermes. Hermes was selected to be one of the fund of funds managers of the UK Innovation Investment Fund which was established in January this year to invest in low carbon and clean technology funds and to co-invest in companies.
Alongside Hermes, Wheb also counts the European Investment Fund among its institutional fund investors.
James McNaught-Davis (pictured), Wheb’s managing partner, says: “We are delighted with the progress of our fund raising to date. Wheb is one of very few European VC firms to have raised capital during the last eighteen months, a very challenging period for fund raising.”
The fund has made five investments since its first closing in July 2008. These investments address markets in the energy efficiency, green industrial processes and waste management sectors.

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