Impax Funds Under Management Rise to over £400 million Following Two Successful Fund Raisings
Monday, August 14, 2006
£66mn Raised for Investment Trust and £19mn for
Renewable Infrastructure Fund
Impax Group plc, the AIM-listed environmental investment
management company today announced two successful fund raisings,
taking the funds managed or advised by its whollyowned subsidiary,
Impax Asset Management Ltd ("IAM"), to over £400mn.
Impax Environmental Markets plc
This morning, Impax Environmental Markets plc ("IEM"), the
London-listed investment trust which invests in global water, waste
and new energy markets, which is managed by IAM, held an
Extraordinary General Meeting. A vote was passed to issue £66
million of subscriptions for C Shares. It is expected that these
shares will begin trading on 15th August. The addition of the C
Shares will take the aggregate net assets of IEM to over £190mn,
reinforcing the trust's position as the leading closed end fund
investing in the high growth environmental sector.
Impax New Energy Investors LP
Impax also announced that Impax New Energy Investors LP (the "New
Energy Fund"), a limited partnership that invests in renewable
energy projects and associated infrastructure, predominantly in
Western Europe, has reached its target size of 125mn Euros before
the Fund's first anniversary.
Keith Falconer, Impax Group's Chairman commented: "Investor
appetite for exposure to the alternative energy, water and waste
sectors is building strongly as they review the evidence of the
fast growth in earnings that these sectors offer."
Ian Simm, Impax Group's Chief Executive commented: "Last summer
Impax had less than £100mn under management. With sustained strong
performance we have been able to attract several new investors to
our products as well as increase the commitments from many existing
investors. With a scaleable business model and committed team, we
are well positioned to deliver value to our customers and generate
future growth for the Group."
"Our fund raisings confirm that environmental markets are firmly
in the mainstream and that Impax is the leading UK specialist
investment company in this field," he added. Over the past 3 years
Impax Environmental Markets plc has consistently outperformed
leading stock market indices such as the MSCI World Index. It is
the only pure play environmental investment vehicle in the FTSE All
Share index.
Investors in Impax New Energy Investors LP include Dexia, London
Pensions Fund Authority, Universities Superannuation Scheme,
British Airways Pension Fund, Akarema (advised by Consensus
Environment), West Midlands Pension Fund, Co-operative Insurance
Society and South Yorkshire Pensions Authority. Impax New Energy
Investors LP, announced its first investment last month - £13.5mn
(20mn Euros) in Airtricity Holdings Limited (AHL), the Dublin-based
renewable energy company.
Contacts
| Impax Group plc |
Tel: 020 7434 1122 |
| Ian Simm |
|
| Bruce Jenkyn-Jones |
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| Peter Rossbach |
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