NextEnergy Capital (NEC), a specialist in the global solar sector, has held the final close for NextPower III ESG (NPIII ESG), bringing the total capital raised to USD896 million, including an SMA.
Including co-investments closed to date, the total capital pool for its investment strategy exceeds USDF905 million. The capital raised is comfortably above the target of USD750 million and makes this NEC’s largest private fund to date.
Capital was committed by a top-tier and diversified investor base, including pension funds, insurance companies, fund-of-funds and family offices, demonstrating the strong demand from investors for solar PV and the endorsement of NEC as a highly specialised and experienced investment manager. NPIII ESG’s investor base comes from nine countries. Fundraising was largely conducted during the restrictions of the global pandemic, necessitating creative solutions to the due diligence process, including “virtual” site visits and remote meetings with senior management.
Read more: Private Equity Wire
