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 94 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 twelve 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, and will be wound down in 2025.

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 in sub-Saharan Africa in clean and sustainable energy infrastructure and growth equity in energy/resource efficiency companies. Evolution II made nine investments and achieved three exits to date, and will continue in its divestment phase.

Evolution III is our third flagship USD 238 million equity fund, a specialised Pan-African climate impact investment fund to accelerate Africa’s energy transition through renewable energy, energy access, and resource efficiency solutions.

The fund offers next-generation low carbon energy transition investment strategies and looks to invest in traditional utility-scale, grid-connected independent power producer platforms and projects, decentralised commercial and industrial private offtake opportunities, off-grid solutions and energy-as-a-service microgrid infrastructure-type offerings. It also invests in select growth equity investments in energy and resource efficiency technology-based businesses that ‘do more with less’ and reduce resource footprints.

Three investments have been made to date, and three transactions at advanced stage with a targeted close in 2025.