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The Carlyle Group has reportedly raised $3.1 billion for a European technology fund targeting “pockets of life” in an economy hit by the pandemic, inflation and the war in Ukraine.
The fund’s principals — Michael Vand and Vladimir Lasocki — told Reuters on Monday (Nov. 28) that the Carlyle Europe Technology Partners V (or CETP V) fund will focus on lower mid-market and growth technology companies across Europe, in areas that include cyber security, digital transformation and clean technology.
The report said the fund surpassed its $2.59 billion goal in less than a year of fundraising, more than double the group’s previous fund, CETP IV.
Reuters said the fund already has two investments — Euro Techno Com Group (ETC), a distributor of value-added telecom equipment, which it sold to Cinven in June, and digital marketing company Incubeta, which it bought earlier this month.
As PIMNTS recently noted, 2022 appears to have been a good year so far for financing climate technologies, the type targeted by the CETP. A recent PvC report found that investments in climate technologies in the 12 months to the third quarter of this year represented more than a quarter of all venture capital (VC) invested globally.
And despite a general slowdown in VC investment in the second half of the year, climate tech remained resilient and dominated funding, as five of the top 10 VC deals in the last quarter went to startups in the space.
At the top of the list is Swedish battery maker Northvolt, which raised $1.1 billion in convertible notes in July to finance expansion of its European factories.
With contracts worth more than $55 billion for customers that include BMW, Scania, Volkswagen and Volvo, the company is the first European commercial battery maker to supply the automotive industry, signaling the end of EU automakers’ long reliance on Chinese energy cells.
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