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Norway’s Summa raises $2.6 billion in latest ‘impact’ fund -Breaking

by Mike Robinson

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Brenna Hughes Neghaiwi and Simon Jessop

LONDON, (Reuters) – Summa Equity has announced it raised 2.3 Billion Euros ($2.6 Billion) for Europe’s largest-ever impact’ fund. This is a fund that aims to help the U.N.’s Sustainable Development Goals.

Nordic private equity firm Nordic Private Equity, based in Oslo, stated that the fund’s goals are to improve work conditions and access to clean energy.

An investor’s favorite area is impact investing. It requires that a fund manager monitor how much money is reaching targets related to governance, environmental and social factors.

Summa Equity Fund III was raised by endowments, pension funds and insurance companies in record time in four months, Summa announced in a statement Thursday.

Summa was founded in 2016 and launched its first fund in 2017 raising 470 million euro. Its second fund, which raised 680 million euros in 2019, was also launched in 2017. Summa also received 540 millions euros from co-investments.

Summa Equity founder and managing partner Reynir Indidahl stated that “the growth of Summa Equity as well as the strong interest for Fund III in our five-year history are further proofs of impact investing having become mainstream.”

($1 = 0.8819 euros)

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