Novare impact fund aims to raise R2bn over next year
New impact fund launched in September plans to finance renewable energy, agriculture and manufacturing projects
Novare Impact Investment Partners, a subsidiary of financial services group Novare Holdings, plans to raise R2bn in capital for investments spanning the renewable energy, agriculture and manufacturing sectors.
The impact fund, which was started in September 2020, has raised R170m or about 9% of its targeted capital amount from an institutional investor and is aiming to raise half the R2bn capital it seeks by end-June, according to Benedict Mongalo, MD of Novare Impact Investment Partners. The fund expects to raise the full R2bn over the next 12-months though it may raise more capital up to a maximum of R3bn over that time frame, depending on investor appetite...