Inspired Evolution‘s second fund could be the beneficiary of a $30 million equity commitment from the European Investment Bank. Evolution II, which is aiming to hit $250 million in time for its final close at the end of this year, held a first close in December last year, garnering commitments totaling $90 million from development finance institutions, specialized fund-of-funds and a family office.
The 10-year closed-end fund’s strategy will be to make equity and equity-related investments to take significant minority or equity-control stakes in clean and sustainable development and project finance infrastructure opportunities. It will also consider growth equity investments in energy and resource efficiency businesses and their supporting value chains.
The fund will prioritize investments in those countries whose growth prospects, ease of doing business, policy and regulatory certainty, and political stability and bankability offer compelling investment opportunities and build least-cost, low-carbon clean and sustainable energy generation capacity to address the estimated 130 GW suppressed demand across sub-Saharan Africa’s high-growth countries.