Insights / 04 May 2021
Crestbridge supports launch of energy fund
Crestbridge has provided a range of administrative services to support the launch of a new major and innovative energy fund.
Launched by Energy Transition International Capital (ETIC), the Energy Transition Europe fund achieved a first closing of EUR55m, with a total fundraising target of EUR200m.
With a focus on infrastructure projects supporting energy transition and renewable energy innovation, the fund has been granted ‘Greenfin’ label status and aims to position itself as a flagship vehicle in the European energy and sustainable finance space.
Established as a RAIF in Luxembourg, Crestbridge’s team in Luxembourg provided and continues to provide a full range of administrative services to the new fund, including accounting, reporting and compliance services.
Commenting on the fund launch, Sanjeev Jewootah, Director at Crestbridge, said:
“Our involvement in supporting the launch of such an innovative fund is a reflection of the maturity and capability of our Luxembourg proposition and of our commitment to supporting innovative vehicles that are geared towards making meaningful change in the sustainable finance space.
“With ETIC indicating they are targeting a further EUR500m fundraise targeting energy transition projects in developing countries around the world in the coming years, we are delighted to have supported a manager that is so clearly innovative and ambitious.”
Crestbridge was granted its fund administration licence in Luxembourg in 2019, complementing its existing and renowned Management Company (ManCo) platform.