Eiffel Essentiel, the energy transition fund of France's Eiffel Investment Group, has raised €300 million ($363 million) in a first closing.
The Eiffel group and the fund's management team have invested a significant amount of capital in the fund. French and European investors are also considering an investment in the fund, which has a target of €500 million ($606 million) in equity commitments.
Eiffel said the fund plans to make investments of up to €50 million ($60 million) each in 15 French and European SMEs working for the energy and ecological transition. The investment strategy was formed in response to the concern of large investors about effectively investing in sustainable development.
The fund is targeting a final closing at the end of 2021 or the beginning of 2022 and expects to make its first investment soon.
