Azora, a Madrid-based investment management platform, has launched an Article 9 pan-European private equity fund, which will have a decarbonisation theme around lower and mid-market businesses.
The firm submitted a registration request for the Azora European Climate Solutions Fund request to the Spanish regulator, the National Securities Market Commission.
Targeting companies generating €10 million in EBITDA – the strategy will revolve around three key themes: urban solutions, energy solutions and sustainable agriculture.
Santiago Olivares, manager partners of Azora’a energy, infrastructure and sustainability practice, said Azora aims to provide investors with the opportunity to benefit from a strong and secular tailwind behind companies involved in decarbonisation solutions.
The firm, which has around €6.5 billion of assets under management, aims to invest €250 million in capital commitment across 10-12 portfolio companies, with an average ‘ticket size’ ranging between €10-40 million.
Azora has already acquired a strategic stake in the Spanish company ISFA, which developed sustainable almond farming practices.
The firm also invested in Abatable, a London-based market intelligence company that helps businesses connect with carbon project developers.
CBRE, a real estate services and investment firm, acts as a strategic advisor to Azora and will help identify opportunities.
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