Evolution III Fund, a pan-African equity fund aimed at unlocking clean energy and increasing energy efficiency, has achieved a first closing at $199.4 million in conditional commitments.
Evolution III is managed by Inspired Evolution Managers, a Pan-African, climate-centered, private equity firm specializing in clean-energy infrastructure and energy and resource-efficiency growth investments.
The first closing included commitments from seven international investors, including several development finance institutions. Finnfund, a Finnish development financier and impact investor, contributed $20 million to the vehicle.
Evolution III is seeking to raise a total of $400 million in capital commitments. The fund will target about 10 to 15 investments throughout a five-year investment period.
“Our investment in Evolution III Fund marks our commitment to enhancing the production and availability of clean energy across the African continent as well as fight aga