Alpina Partners Fund LP (formerly Green Growth Fund 2)
Last updated 12 May 2020, by Impactyield.
Green Growth Fund 2 is raising €200 million with the same energy and resource efficiency investment strategy as Green Growth Fund 1, though Green Growth Fund 2 will aim for greater diversification and average deal size to eliminate co-dependency on co-investors other than LPs.
A first closing of €95 million was achieved in February 2014.
Green Growth Fund 2 will invest in 10 to 15 companies with an average investment of €12 to €15 million, including follow-on reserves. Fund 2 will target companies generating commercial revenues with strong continuing growth potential, breakeven if not profitable businesses and reasonable valuations.
A first close of Euro 95 million was achieved in February 2014.
Green Growth Fund 2 will invest in profitable companies with strong growth prospects in the sectors described in the impact section of this profile. We favour businesses with the following characteristics:
o Experienced senior management
o High quality products
o Strong barriers to entry
o Significant revenues
o A defined route to market
o Rapid customer payback
o Not dependent on subsidies
o A defined exit strategy
o Strong ESG (environmental, social and governance) credentials
Green Growth Fund 2 will aim for majority ownership of investee businesses, and will be focused on growth capital though there is some flexibility to include small amount of replacement capital if necessary and appropriate. We expect to lead deals with trusted, value-adding, local PE partners outside the UK and Germany. Approximately 50% of Fund 2 will be invested in Germany, Austria and Switzerland.
WHEB Partners has a track record of investing at rational entry valuations. By avoiding over-valued market segments and competitive auctions, the probability of greater returns increases.
of track record
the year funded
Headquarters location: United Kingdom
Other funds managed by this asset manager: FP WHEB Sustainability FundWHEB Ventures Private Equity Fund 2 LP (formerly Green Growth Fund 1)
Substantially reduce waste generation
Improve water quality, wastewater treatment and safe reuse
Universal access to modern energy
Increase global percentage of renewable energy
Double the improvement in energy efficiency
Expand and upgrade energy services for developing countries
Key performance indicators
Asset manager: Alpina Partners
Product track record: Fund has 9 years of track record
Target IRR: 30%
Committed Capital: 95,000,000 EUR (Euro)
Target return category: Risk-adjusted market-rate of return
Fund domicile: United Kingdom
Product status: Open - post first close
Style/Stage: Growth Stage
Inception year: 2014
Vintage year: 2014
Target region: Developed countries, More developed regions
Target close date: 01/12/2014
Product term: 10 year term
Assets under management: 200,000,000 EUR (Euro)
Investment size: Min: 12,000,000; Max: 15,000,000; Avg: 13,500,000
Co-investment policy: LPs have priority, With LPs and non-LPs
Currency of investments: EUR (Euro)
Currency for fund / product figures: EUR (Euro)
Fund investments to date: 1
Fund investments to date exited or repaid: 0
Management fee: 2%
Carried interest: 20%
Hurdle rate: 8%
GIIN Investors' Council Investment: No
Limited Partners / Investors: European Investment Fund (EIF), F&C Asset Managment, Access Capital Partners, British Business Bank, US and a variety of Europe and US based family offices.
Limited Partner / Investor Type: Family Office, Other Institutional Investors
Phone number: +44 203 219 3441
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Investor Relations Manager
As a specialist sustainability investment firm we are 100% focused on identifying and
investing in solutions to environmental and social challenges. We integrate ESG issues
into our investment analysis, decision-making processes, ownership policies and
practices and encourage appropriate disclosure on ESG issues by entities in which we
We consider ESG issues at all stages of the origination and due diligence process. To begin with, we only invest in companies that produce products or services that encourage the efficient use of energy and/or natural resources and promote the protection of the environment. Our standard term sheet includes a clause to ensure that the target business has appropriate environmental, social and corporate governance policies and management systems in place to fulfill our requirements as signatories of the UN Principles for Responsible Investment (UN PRI)”. We also ensure the term sheet includes clauses on the Board, accounting standards, and information disclosure and shareholder rights. During the detailed due diligence we address eighteen different ESG issues.