Ara Partners closed its latest private equity fund, Ara Fund II, at $1.1 billion, above its initial target of $650 million, a spokesman confirmed.
The strategy is focused on investments in the U.S., Canada and Europe that can achieve significant reductions in carbon emissions. The fund invests in high-growth companies across the industrial and manufacturing, chemicals and materials, energy efficiency and green fuels, and food and agriculture sectors.
Its predecessor fund, Ara Fund I, closed at $400 million in 2020.
Investors in the current fund include the $34.5 billion Texas Municipal Retirement System, Austin.