Ludgate Investments, the growth private equity firm that invests in the resource efficiency space, is going against the grain by preparing to double its current fund.
A spokesperson for the firm confirmed the new fundraising and said it would get under way later this year, with a target of between $200m (€154.8m) and $300m.
Ludgate last raised around $100m in 2007 and went on to invest in businesses including ECO Plastics, waste electronic recycler Terra Nova, anaerobic digestion operator Tamar Energy, and MBT and composting firm New Earth Solutions.
Around half that fund is invested in waste and recycling and the new fund intends to pursue the same strategy.
Ludgate has prepared for the new fund by making two senior appointments last month. Ex-BP chief scientist Bernard Bulkin and Ekaterina Sharashidze, a former member of Georgia's government cabinet, both joined at the end of August as non-executive directors and will serve on the firm's investment committee.