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Sweden’s Summa raises $2.6 billion in latest ‘impact’ fund

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Economy1 hour ago (Jan 20, 2022 07:35AM ET)

Sweden's Summa raises $2.6 billion in latest 'impact' fund © Reuters.

(Corrects country in headline, paragraph 2)

By Simon Jessop and Brenna Hughes Neghaiwi

LONDON (Reuters) -Summa Equity said it has raised 2.3 billion euros ($2.6 billion) for Europe’s biggest-ever ‘impact’ fund, which is focused on helping meet the U.N.’s 17 Sustainable Development Goals.

The Swedish private equity firm said the fund aims to improve health and working conditions and boost access to clean energy and infrastructure through its investments.

Impact investing, requiring a fund manager to track how the money meets targets tied to various environmental, social and governance-related metrics, is a growing area for investors.

Summa Equity Fund III was raised in “record” time over four months among investors such as pension funds, insurance companies, foundations and endowments from across the world, including the United States, Japan and Britain, Summa said in a statement on Thursday.

Founded in 2016, Summa launched its first fund in 2017, raising the equivalent of 470 million euros, and its second in 2019, raising 680 million euros. In addition, it raised 540 million euros in co-investments.

“The growth of Summa Equity and the strong interest for our Fund III within our five-year history is further evidence that impact investing has become mainstream,” Reynir Indahl, Managing Partner and Founder of Summa Equity, said.

($1 = 0.8819 euros)

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