Sweden’s Sum raises $ 2.6 billion in the latest “impact” fund
LONDON, January 20 (Reuters) – Summa Equity said it has raised 2.3 billion euros ($ 2.6 billion) for Europe’s largest “impact fund to date”, which is focused on helping meet the UN’s 17 goals for sustainable development.
The Swedish private equity company said that the fund aims to improve health and working conditions and increase access to clean energy and infrastructure through its investments.
Impact investments, which require a fund manager to track how money reaches targets linked to various environmental, social and governance-related metrics, are a growing area for investors.
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Summa Equity Fund III was collected in “record” time over four months among investors such as pension funds, insurance companies, foundations and donations from around the world, including the US, Japan and the UK, Summa said in a statement on Thursday.
Summa was founded in 2016 and launched its first fund in 2017 and raised the equivalent of EUR 470 million, and the second in 2019 with EUR 680 million. In addition, EUR 540 million was raised in co-investments.
“The growth of Summa Equity and the strong interest in our Fund III over our five-year history is further evidence that power investments have become mainstream,” said Reynir Indahl, Managing Partner and Founder of Summa Equity.
($ 1 = 0.88819 euros)
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Reporting by Simon Jessop and Brenna Hughes Neghaiwi; Edited by Alexander Smith
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