Cairo - Mubasher: Vortex Energy, a global renewable energy platform managed by the private equity arm of EFG Hermes, has raised $200 million in the first close for its fourth fund, which is anchored by EFG Hermes and Abu Dhabi sovereign institutional investors and family offices, among others. 

Vortex Energy IV was founded in Abu Dhabi Global Markets (ADGM) where the team will work alongside Vortex Energy’s team in London, EFG Hermes said in a bourse disclosure on Wednesday. 

Head of Private Equity and Asset Management at EFG Hermes and CEO of Vortex Energy Karim Moussa said "I am confident that with our track record of deploying more than $1.6 billion in European assets and returning double-digit IRRs, we will be able to grow a substantial asset base for our fund investors."

Vortex Energy plans to grow its business to reach a target size of $750 million for the fund in the next two years, he pointed out.

It is currently looking at a "pipeline of deals and companies worth about $2 billion in Europe and the US,” CIO Bakr Abdel Wahab revealed.