Private equity firm Olympus Capital is raising Asia Environmental Partners LP, a fund targeting $250 million to invest in renewable energy and environmental services companies in Asia. This will be the first clean environment fund by Olympus and will have a major focus on India and China. Olympus Capital has an India office in New Delhi headed by Gaurav Malik, Managing Director. He refused to comment when VCCircle contacted him as the “fund is under a silence period.”
The fund has approached International Finance Corporation (IFC), the private investment arm of World Bank, which is expected to invest $25 million in the fund. Olympus is expected to formally announce the fund in next couple of months.
Olympus has started making investments from this fund in India. In November last year, it invested $35 million in renewable energy company Orient Green Power Ltd, promoted by PE firm Bessemer Venture Partners and Shriram EPC.
Asia Environmental Partners is looking to do 10-12 deals in the $20-$50 million range. The fund is looking at areas like clean energy, clean technologies, waste management, water quality treatment infrastructure, and pollution control.
The funds’ management team will be lead by Frederick Long, founder of Olympus and Himraj Dang, who has worked with Climate Change Capital, a clean energy project investment manager.
Olympus Capital, an Asia focused fund manager investing in mid-market deals, raised its third fund at $750 million in June last year. Since its inception in 1997, it has invested around $1.3 billion in about 30 Asian companies.
Besides New Delhi, it has offices in Hong Kong, Shanghai, Seoul, New York and Tokyo. Investments by Olympus in the country include Raman Roy’s Quattro BPO and crane hiring company Sanghvi Movers.