Masdar, a unit of Abu Dhabi-based Mubadala Development Co., and Deutsche Bank have launched the DB Masdar Clean Tech Fund. Its first closing raised $265 million.
Co-managed by Masdar Venture Capital and DB Climate Change Advisors (DBCCA), the DB Masdar Clean Tech Fund seeks to build a diversified venture capital and private equity portfolio that will include clean tech and renewable energy companies from around the world.
The fund will invest primarily in expansion and later stage companies in the clean energy, environmental resources and energy and material efficiency sectors. It has attracted investment from firms such as Siemens and GE.
The joint DBCCA and Masdar investment team is based in Abu Dhabi, New York and London and combines a wide range of experience in clean tech and private equity investing within the renewable energy industry, according to the company.
The fund's co-managers are identifying and evaluating potential investment opportunities globally and expect to complete a number of investments over the next year.