Sustainability-focused investment manager Mirova announced it has raised €211 million (USD $233 million) for its first impact private equity fund, Mirova Environment Acceleration Capital (MEAC). Launched in September 2021, the pan-European private equity fund focuses on investing in companies that provide innovative solutions and technologies for environmental transition.
MEAC targets five key themes: smart cities, natural resources, agri-agro technologies, circular economy, and clean energy, focusing on companies with proven business models that directly address at least one of the targeted Sustainable Development Goals (SDGs). According to Mirova, the fund, classified under Article 9 of the Sustainable Finance Disclosure Regulation (SFDR), has already invested over €80 million across 10 European and North American companies and completed one exit. Among its investments are Ombrea, a start-up specializing in managing and protecting crops against climatic hazards; GridBeyond, an AI-powered smart energy platform; and Nine Energy, a company focused on generating electricity from the waste heat of industrial processes using turbine technology. The announcement of the fund’s progress follows the launch of Mirova’s second premium fund, Mirova Impact Life Essentials (MILE), earlier this year. MILE aims to support companies that address major sustainability challenges such as climate change and social inequality in order to contribute to a better society. Like MEAC, Mirva plans to bring MILE under Chapter 9 of the SFDR and reinforce its commitment to sustainable and profitable investments. Mark Romano, Head of Private Equity at Mirova, expressed pride in MEAC’s achievements, saying: “With this first private equity fund, we are proud to increase our aspire to invest in non-listed companies.invest in key sectors for environmental change and aim to achieve attractive financial results. We believe that positive and beneficial effects go hand in hand, especially when it comes to companies that are driven by fundamental characteristics designed to achieve sustainable development goals.” meaningful changes while providing measure value to investors.