Deutsche Bank and Abu Dhabi state-owned energy firm Masdar yesterday announced that it has closed its first joint clean tech fund, having raised $265m (£162m) for investment in low-carbon technologies.
The companies said the new fund will be co-managed by Masdar Venture Capital and DB Climate Change Advisors and will invest primarily in later-stage companies looking to expand in the clean energy, water and waste management and energy efficiency sectors.
The joint DBCCA and Masdar investment team will be based in Abu Dhabi, New York and London, and is said to be already identifying and evaluating potential investment opportunities globally with a view to announcing a number of deals over the next year.
The fund has attracted investment from the Japan Bank for International Co-operation, Siemens, INPEX CORPORATION, Nippon Oil Corporation, Development Bank of Japan and GE.
Kevin Parker, global head of Deutsche Asset Management, said the scale of the fundraising and the involvement of high-profile backers "demonstrates a profound confidence in climate change investing and in the joint DBCCA and Masdar investment team".
The move will also further underline Masdar's growing status as one of the world's leading clean tech investment firms. The firm already operates a $250m clean tech investment fund with Consensus Business Group, Credit Suisse and Siemens AG, and is heavily involved in the development of the Abu Dhabi-based low-carbon city and research centre that shares its name.
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