Zouk raises Europe’s largest dedicated clean technology fund
Zouk Capital LLP, formerly Zouk ventures Ltd (“Zouk”), today announces the final closing of Cleantech Europe II (“the Fund”) at €230 million, comfortably ahead of the Fund’s original target of €200 million. Cleantech Europe II will be Europe’s largest dedicated growth equity fund in the cleantech space, a market which was worth over €70 billion in investments in 2010.
With over €370m in funds under management and 20 investment professionals, Zouk will continue to execute on its successful dual track strategy, investing in two cleantech asset classes: expansion-stage technology companies, and renewable & environmental infrastructure. By covering both asset classes with separate funds and teams, the firm has managed to create strong synergies with regard to deal flow, market insights, and the assessment of technologies and projects.
With Cleantech Europe II, Zouk will invest into expansion-stage businesses with the objective of building globally leading technology companies. Drawing on Zouk’s knowledge of the cleantech space, the Fund will seek investment opportunities primarily in renewable energy, energy efficiency, water and waste technologies. These markets continue to show strong growth, driven by increasing resource demand, security of supply, climate change considerations and political support.
Target geographies for the Fund include the UK, German-speaking countries, the Nordics, France and Benelux. Investments will be managed by Zouk’s technology team which consists of 10 investment professionals with deep expertise in private equity and technology. The team includes 5 native German speakers, a strong differentiator given the region’s leadership in cleantech innovation and commercialization.
Prior to its final closing, Cleantech Europe II has already made its first investment in Anesco, partnering with Scottish & Southern Energy to build a leading supplier of energy efficiency services in the UK.
Zouk has demonstrated its ability to drive rapid top-line growth and create value across its portfolio even through the recent financial crisis. Notably, a partial exit from SiC Processing AG in 2010 generated one of the highest investment returns in the cleantech space in recent years.
Despite a challenging environment for fundraising, the Fund has attracted a globally diverse institutional investor base including sovereign wealth funds, fund-of-funds, international corporations, pension funds and leading family offices.
Samer Salty, CEO of Zouk Capital, commented:
“Cleantech II is a real milestone for Zouk and the sector in Europe, and I am delighted that we have completed such a successful fundraising. The scale of this fund creates a game-changing opportunity to support companies and to let our investors benefit from the impressive growth in cleantech. The strong demand we have seen from investors is testament to their confidence in the cleantech market and to the credentials of our investment team. We now look to executing the exciting deals we have in our pipeline, helping these companies to realise their full potential and to generate strong returns on investment.”
NOTES TO EDITORS
About Zouk Capital LLP
Zouk Capital, formerly Zouk ventures Ltd, is an independent London-based private equity fund manager with a focus on the European cleantech market. Zouk’s goal is to create sustainable long term returns by building strong companies and projects with tangible financial and environmental value. Zouk specifically invests in two areas of this growth market: clean technology companies and renewable and environmental infrastructure. Currently Zouk manages three cleantech-focused funds: two expansion-stage private equity funds investing in clean technology companies; and a renewable infrastructure fund focused on solar project development. Zouk’s investment teams consist of professionals with a diverse experience base, including private equity, engineering, corporate management, investment banking and consultancy.
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