Summa Equity has raised the largest European impact fund to date with €2.3bn of capital commitments, triple the size of its predecessor fund.
Fund III was closed within four months, raised in a fully virtual fundraising environment. It attracted investments from the US, the Nordics, UK, DACH, France, Benelux, Singapore, Japan and Australia.
Summa now manages close to €4bn of aggregated capital. It said the new vehicle will continue to build on its track record of incorporating the SDG framework to drive long-run value, focusing on thematic investments in industries supported by megatrends.
Reynir Indahl, managing partner and founder of Summa Equity, said,
“Our societal challenges are increasing, environmentally, socially, and with falling trust and governance issues. All companies are either part of the problem or can be a solution. As we have seen in our portfolio, companies offering positive solutions for society prosper in a turbulent world.
“Impact investing, or what we call Private Equity 4.0, is becoming mainstream as a growing number of PE firms are adding to their existing capabilities the effective management of impact on “externalities” to address environmental, social, and governance challenges. The growth of Summa Equity over our five-year history and the strong interest we received in our Fund III is further evidence that impact investing has become mainstream.”
The firm closed Fund II three years ago on €680m. Fund I was closed two years earlier on €470m.
Summa agreed an SEK2bn ($227m) sale of water and wastewater pump aftermarket services business Lakers Group to Vestum in October.
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