Recent months have seen Mirova raise €860 million for a new energy transition fund and further entrench itself in the natural capital investment market.

In late 2019, the €12 billion asset manager announced it had finalised its acquisition of the remaining stake in Mirova Natural Capital (formerly Althelia Ecosphere) that it did not already own. It bought a 51% stake in 2017.

Mirova describes natural capital as the "next frontier of impact investing," and the firm is looking to expand assets allocated to the unit to €1 billion by 2022, up from €400 million currently.

During the year, Mirova reached first close on the Althelia Biodiversity Fund Brazil, with an aim to raise $100 million by final close. The fund intends to use blended finance to protect, restore or otherwise improve biodiversity and community livelihoods in the Amazon basin.

Mirova – which is an affiliate of Natixis Investment Managers – closed its Eurofideme 4 energy transition investment fund on €859 million, more than two-and-a-half times the €353 million raise by the previous Eurofideme fund.

The fund sailed past the initial €500 million target through the support of European and Asian institutional investors, including a significant number of investors from previous Eurofideme vehicles returning to support the fourth-generation fund.

In total, the Mirova energy transition team closed 11 transactions for a total commitment of €800 million during the year. This included a partnership with Engie to acquire a 1.7GW hydroelectric portfolio in Portugal for €2.2 billion. EF