By Justin Morton
San Francisco-based impact investment management firm, Sonen Capital LLC, said Feb. 23 that it has closed on its first global sustainable “real assets” fund of funds, raising $75 million to invest in renewable energy, green real estate and sustainable agriculture. The firm started raising capital for the fund in June 2014.
Sonen sees investor demand for sustainable real assets growing as water and land become increasingly scarce globally and resource consumption increases. Population growth, urbanization and an expanding middle class, particularly in the developing world, are the driving factors, Bob Goldstein, the firm’s chief executive officer said in an interview.
“Sustainable real assets share the same return characteristics as conventional real assets, but also deliver environmental and social benefits, which can further enhance asset values,” Goldstein said.
About 40 percent of Sonen’s Global Sustainable Real Assets Fund is currently invested in eight projects, including affordable housing, clean energy, green real estate and sustainable timber in the U.S., Africa, and Asia.
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