Alpina Partners Fund LP (formerly Green Growth Fund 2)

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.

Financial description

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.