Former ENGIE SA executives Nicolas Lepareur, Nicolas Piau and Nathanael Krivine are seeking €300 million for an impact fund focused on clean energy under their new private equity firm TiLT Capital Partners, PE News reported Jan. 15.
The fund will invest in energy-efficient technologies, renewable energy generation and storage, and data analytics, along with electric vehicles and related technologies. The fund will hold its interests in renewable assets for 10 years, according to documents sent to investors, a shift from conventional strategy in the private equity business where most funds hold controlling interests in assets for five to seven years.
The three TiLT co-founders will also link their share of the profits with the environmental impacts of the investments. They will be entitled to share in the profits only if the environmental, social and governance performance of its investments, as well as the financial performance, meet certain criteria.
Lepareur served at Engie as the deputy head of acquisition, investment and financial advisory, and Piau served as the head of mergers and acquisitions.
This investment comes at a time when overall PE investment has declined, PE News said. Twenty-three funds closed €4.4 billion in Europe in 2018, compared to €4.8 billion raised by 21 funds in 2017.