Specialised funds with diverse portfolios to accelerate Africa’s energy transition.
We identify and invest in scalable and compelling commercial opportunities across clean energy and environmental growth industries.
Established in 2008, the Evolution I Fund was Africa’s first dedicated clean energy infrastructure and environment sector fund. Evolution I is a 10-year closed-ended fund with USD 90 million in commitments and a mandate for equity and equity-related investments into these two principal investment themes. Evolution I’s investment jurisdiction was the Southern African Development Community (SADC) region but with a target of a minimum 65% to South Africa. Evolution I made 12 investments and has exited all but one portfolio company, currently under disposal. Evolution I achieved top-quartile investment performance for equivalent 2008 vintage specialised funds similar in nature. Evolution I will be wound down in 2021.
Evolution II is a 2017 vintage 10-year closed-ended fund with USD 216 million in commitments and a mandate for equity and equity-related investments into two principal investment streams: development and project finance infrastructure-type investments in clean and sustainable energy; and growth equity investments in energy and resource efficiency companies, and the value chains that support them. Evolution II targets sub-Saharan African countries where growth prospects, ease of doing business, policy and regulatory certainty, and political stability and bankability offer compelling investment opportunities. The fund will contribute to addressing the growing need to replace aging and inefficient carbon-intensive power plants as well as contribute to building 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. Evolution II will also contribute to the need for improved energy and resource efficiency measures across business activities that span key sectors in sub-Saharan Africa. These sectors are experiencing growing energy and resource insecurity. Within this changing resource landscape, the responsible deployment of capital to companies that are ‘doing more with less’ is a compelling private equity growth story.
Targeting early 2022 for release, our Evolution III Net Zero funds will represent a refined offering in response to the increasing sophistication and stratification of Africa’s energy landscape and our team’s deep insights and experience as one of Africa’s pioneering investment advisors to ensure we remain ahead of the curve.