Sosteneo Fund II completes first external close above €150m

Sosteneo's Clean Energy Infrastructure Fund II completed a first external close on 15 October with more than €150 million in new fund commitments and co-investment capital, the Generali Investments unit said.

The close lifts total commitments for the Fund II vintage past €450 million and the manager's platform capital past €1.1 billion.

Commitments came from a re-up by the largest external institutional investor in Fund I, new institutional investors and a larger commitment from Generali Insurance Companies, which Sosteneo describes as cornerstone investor.

Chris Deves, partner and head of investor relations, called the close "a strong endorsement of our strategy" and said it broadens the investor base as the raise continues.

The €150 million blends fund commitments with co-investment capital; the announcement does not split the two or give a target size for Fund II.

Fund I is further along: around three quarters of its 39 projects are fully operational, and it began distributing income from operating assets to investors in the second quarter. In the third it signed the sale of an interest in an operating asset, its first partial realisation.

Fund II is already deploying; its debut investment was a German onshore wind repowering platform, as this publication reported in August.