London-based asset manager Aviva Investors has announced the first closing of a European renewable energy fund in partnership with SachsenFonds, a Munich-based asset management company.

Aviva Investors, which is the asset management arm of life insurance and pension provider Aviva, aims to raise €300 million ($427 million) but did not disclose the amount of the closed round. The fund will be managed in partnership with SachsenFonds, a subsidiary of KanAm Group.

The fund has a 10-year investment horizon and would target a total net return IRR of 11 percent to 13 percent with a targeted income of 8 percent to 9 percent to be paid out annually, according to an Aviva Investors statement