Ambienta, the pan-European house backing environmental and sustainable companies, has closed its third fund at a €635m hard cap.

Ambienta said the close surpassed its original €500m target, with demand coming in beyond €1bn. Re-ups from existing investors were in excess of 100 per cent of prior commitments.

The fund, Ambienta III, received backing from close to 50 investors, including pension funds, insurance companies, fund of funds, banks and foundations. Approximately 75 per cent of the investor base came from continental Europe, 15 per cent from the UK and ten per cent from the United States. Rede Partners advised on the raise.

Ambienta has offices in Milan, Dusseldorf and London and backs niche companies underpinned by sustainable megatrends, notably resource efficiency and pollution control.

The raise follows Ambienta’s recent exit of Oskar Nolte from Fund II, and it has now returned over 100 per cent of drawn commitments in less than five years.

“The successful fundraise comes in Ambienta’s tenth year and reflects the significant growth of the firm during that time, our proven performance and endorsement of our approach, and the increasing urgency of the trends supporting our strategy,” Ambienta’s managing partner Nino Tronchetti Provera said.