Element Partners raises $486M
The economy might have ” fallen off a cliff”, as Warren Buffet said on Monday, but that’s not stopping VCs from raising money for cleantech funds, the one sector that seems to continues to fare relatively well in this downturn. On Monday, Element Partners, announced it had closed on a second clean energy fund of $486 million, more than the $400 million it had initially set out to get.
In the past month GER also reported on: Abu Dhabi’s Masdar partnering with Deutsche Bank on a $700 million fund; Australia’s Macquarie Funds Management raising $400 million for a second clean energy fund; and on Canada’s Ventures West puting together a $156 million fund. All together, that’s a little more than $1.25 billion in potential investments. Not bad for an economy that’s fallen off the cliff.
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