Evolution I

  • FUND SIZE
    USD90 million
  • FUND CLOSE
    2008
  • DESCRIPTION

    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.

     

South Africa
  • Abagold Limited
    Agribusiness
    ZAR 52.5 million
    2010
  • Kouga Wind Farm (RF) Proprietary Limited
    Resource efficiency (renewable energy)
    ZAR 98.3 million
    2012
  • Gibson Bay Wind Farm (RF) Proprietary Limited
    Resource efficiency (renewable energy)
    ZAR 2 million
    2013
  • SlimSun Too (RF) Proprietary Limited
    Clean (Renewable) Energy Infrastructure
    ZAR 1 million
    2012
  • Red Cap Kouga Wind Development Company Proprietary Limited
    Clean (Renewable) Energy Infrastructure
    ZAR 14.1 million
    2010
  • Sirac Southern Africa Proprietary Limited
    Resource Efficiency (Renewable Energy)
    ZAR 20 million
    2013
  • Fifth Season Investments 134 Proprietary Limited (RF)
    Clean (Renewable) Energy Infrastructure
    ZAR 39.8 million
    2013
  • Enviroserv Waste Management Proprietary Limited
    Waste Management
    ZAR 51.6 million
    2010
  • Demeter Organic Fertilizer Proprietary Limited
    Waste Management
    ZAR 3.5 million
    2011
  • Slimsun (RF) Proprietary Limited
    Clean (Renewable) Energy Infrastructure
    ZAR 25 million
    2011
  • Rustmo1 Solar Farm (RF) Proprietary Limited
    Clean (Renewable) Energy Infrastructure
    ZAR 40.3 million
    2011
Mauritius
  • AFPOC Limited
    Clean (Renewable) Energy Infrastructure
    ZAR 70.6 million
    2012
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