WHEB Ventures Private Equity Fund 2 LP (formerly Green Growth Fund 1)
Last updated 12 May 2020, by Impactyield.
Developed countries (203) / More developed regions (202) / Western Europe (42) / Denmark (2)
Managed by WHEB Partners, Europe’s most experienced energy and resource efficiency (‘green’) growth stage investor, Green Growth Fund 1 aims to make superior returns for investors by investing in energy and resource efficiency technology businesses that have the potential to grow rapidly and make high risk-adjusted returns. To date, Green Growth Fund 1 has invested €105.355 million in 12 companies in the energy and resource efficiency technology sector in Europe.
Green Growth Fund 1 invested in profitable (or close to profitable) companies with strong growth prospects involved in the sectors described in the impact section of this profile. We favoured 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 1's investment strategy is based on the premise that ongoing innovation is critical to support value growth and drive returns:
-All of the portfolio companies in WHEB’s first green growth fund have policies of continuous improvement
-WHEB’s financing has helped facilitate successful commercialisation of new products during the investment period
-Most companies have a strong pipeline of innovations which will drive exit value and returns to LPs
of track record
the year funded
Headquarters location: United Kingdom
Other funds managed by this asset manager: Alpina Partners Fund LP (formerly Green Growth Fund 2)FP WHEB Sustainability Fund
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 15 years of track record
Target IRR: n.a.
Committed Capital: n.a.
Target return category: Risk-adjusted market-rate of return
Fund domicile: United Kingdom
Product status: Closed - still investing
Style/Stage: Growth Stage
Inception year: 2008
Vintage year: 2008
Target region: Denmark, Developed countries, More developed regions, Western Europe
Target close date: n.a.
Product term: 10 year term
Assets under management: n.a.
Investment size: Min: 11,000,000; Max: 13,000,000; Avg: 12,000,000
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: 12
Fund investments to date exited or repaid: 2
Management fee: 2.5%
Carried interest: 20%
Hurdle rate: 6%
GIIN Investors' Council Investment: No
Limited Partners / Investors: Institutional investors include: European Investment Fund, Hermes GPE, SAM Robeco. Family offices include: the Bamford and Goldsmiths, among others.
Limited Partner / Investor Type: Family Office, Pension Funds, Other Institutional Investors
Phone number: +44 203 219 3441
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As a specialist sustainability investment firm, WHEB Partners is 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 invest.
We consider ESG issues at all stages of the origination and due diligence process. 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 18 different ESG issues ranging from quantified data that justifies the environmental impacts of the company’s products or services, to the composition of staff and the Board, Board related principles, employee turnover, health and safety incidents, staff training, independent audits etc.