London’s Alternative Investment Market (AIM)-listed Impax Asset Management has said that it has raised $174 million (£104.5 million) for its new fund, Impax Asian Environmental Markets Plc.
The new fund has raised capital through an IPO, and will invest across Asia, including India. Impax Asset Management, till recently known as Impax Group, is an investment manager which specialises in the environmental and cleantech sectors.
The closed-ended investment fund is looking to invest in companies that focus on clean energy, water and waste. It is mainly looking at companies in China, Hong Kong, Japan, India, South Korea, Singapore, the Philippines, Thailand, Malaysia, Taiwan, Australia and New Zealand. The investment manager for the new fund is Impax Asset Management Limited.
Impax has funds under management in excess of £1.25 billion as on September 30, 2009. It manages funds under assets classes like listed equity funds, absolute return strategies and venture capital funds.
“We believe that the key drivers of Asian environmental markets – market liberalisation, tightening environmental policy and falling costs of new technology – will continue to generate highly attractive investment opportunities,” said Allan McKenzie, Chairman of Impax Asian Environmental Markets plc. McKenzie, till recently chief operating officer and a managing director of BlackRock International, was hired to head this fund.
Last month, Indian Energy, a company which operates wind power assets across the country, was listed on London’s AIM raising £9.75 million (Rs 78 crore).