A high re-up rate and interest from investors in APAC and North America behind strong fundraising.
January 15, 2025 (Preqin News) – Paris-based fund manager Omnes has closed its fifth renewable energy fund on €2.1bn ($2.2bn). The fund exceeded its target €1.4bn ($1.4bn) and the €1.7bn ($1.8bn) hard cap was raised because of strong demand.
Capenergie 5 is more than double the size of Capenergie 4, which closed on €900mn ($925.1mn) in 2021. A re-up rate of nearly 100% and strong demand from new investors, particularly in North America and APAC, contributed to the success of the fundraise. Capenergie 5 is an Article 9 fund under the EU’s Sustainable Finance Disclosure Regulation (SFDR).
‘Surpassing €2bn in commitments for Capenergie 5 marks a historic achievement for Omnes, especially in the context of a challenging market,’ Serge Savasta, CEO of Omnes, said in a statement.
Investors included Denmark’s AkademikerPension, French insurer Sogecap, and public sector investment bank Bpifrance.
Since the fund launched in December 2022, Omnes has invested in seven wind and solar energy developers, representing a potential capacity of over 21.9 GW across 13 European countries.
Overall, the fund aims to invest in 10 Europe-based SMEs to transform them into ‘independent power producers’ – non-utility generators typically not owned by national electricity companies.
‘Our strategy focuses on partnering with best-in-class renewable energy developers who are driving the energy transition. By supporting our entrepreneurs in their journey to becoming IPPs, we contribute to the creation of a sustainable future where economic success and environmental responsibility go hand in hand,’ said Michael Pollan, Managing Partner, Omnes.
Europe-based infrastructure fundraising was a rare bright spot in an otherwise lackluster fundraising environment for private capital GPs. Aggregate capital raised grew from $36.2bn in 2023 to $51.3bn in 2024, in line with the three-year average of $53.8bn, according to Preqin data.
Fundraising back in line
Europe-based infrastructure funds closed and aggregate capital raised, 2015–2024
Source: Preqin Pro. Data as of January 2025
Omnes’ previous renewables fund, Capenergie 4, has a net IRR of 15.7%, as of Q1 last year, according to Preqin data. The fund is in the top quartile of 2019 vintage infrastructure funds – and is almost on par with the performance of 2019 vintage private equity funds managed by Europe-based GPs – which has a median net IRR of 15.9%.
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