Stockholm (HedgeNordic) – Obigo Investment Management has announced the final close of its infrastructure-oriented private equity fund, Obligo Nordic Climate Impact Fund (ONCIF), raising NOK 800 million or €75 million in 2024. Despite a difficult fundraising environment for private markets-focused funds, Obligo’s fund has secured capital from Nordic institutional investors, including pension plans, endowments, family offices, and financial institutions.
“We are immensely grateful for the support and trust our investors have placed in us, especially in the current challenging fundraising environment,” comments Mats Clarhäll, Head of Investor Relations of Obligo. “The successful close of ONCIF underscores the strong confidence our investors have in our strategy and our team’s ability to deliver best-in-class returns while making a significant positive impact on the climate.” With €1.2 billion in assets under management, Obligo Group operates as an independent, employee-owned platform within alternative investments, employing 26 employees across offices in Oslo and Stockholm.
“We are immensely grateful for the support and trust our investors have placed in us, especially in the current challenging fundraising environment.”
Mats Clarhäll, Head of Investor Relations of Obligo.
The Obligo Nordic Climate Impact Fund focuses on making investments in Nordic lower mid-market projects and companies, emphasizing clean mobility, renewable energy, digital infrastructure, and carbon usage and storage. “Our fund is a long-term, infrastructure-oriented PE fund,” says Jørgen Pleym Ulvness, the CEO of Obligo Group. With the fund now closed, Obligo Nordic Climate Impact Fund will continue to deploy capital into high-impact projects and companies, having already concluded six investments with several more in the pipeline. “The expected annual return is 11–13 percent, but we see that the investments we have made so far have yielded significantly higher returns,” notes Ulvness. “We are now focusing on renewable energy, and particularly wind in Sweden.”
“Our fund is a long-term, infrastructure-oriented PE fund. The expected annual return is 11–13 percent, but we see that the investments we have made so far have yielded significantly higher returns.”
Jørgen Pleym Ulvness, CEO of Obligo Group.
The consensus is that the energy transition cannot succeed without private capital due to the scale of the financing challenge. Private equity firms, therefore, have a unique opportunity to make a significant impact by investing in green companies. However, Ulvness points out that during the recent green wave of IPOs, many proved unsustainable in terms of returns. Obligo has demonstrated that the green energy transition offers lucrative investment opportunities. “Through patience and strategic ‘off-market’ investments, we have proven that it is possible to deliver financial performance from the green transition,” says Ulvness. Obligo has invested in traditional niches with minimal technology risk and co-invested with reputable industrial partners. “This is a recipe that has so far provided exciting opportunities and solid returns.”