Spring Lane Capital Raises $290M for Second Sustainable Infrastructure Fund

Sustainability project-focused private equity firm Spring Lane Capital raised $290 million for the final close of its second fund, nearly double the size of the firm’s debut fund, which closed on about $157 million at the end of 2019.

The Boston and Montreal-based firm will use the capital for debt and equity investments in green energy, waste, food and transportation projects.

The firm has already invested in four deals through the fund, most recently a commitment of up to $56 million for waste-to-value platform Argo Development Partners.

“We’re thrilled to have closed our second fund at nearly double the size of our first and during what is generally considered a tough fundraising environment,” said Spring Lane co-founder and managing partner Christian Zabbal.

Canadian pension giant OMERS‘ infrastructure investment arm teamed with Spring Lane Capital last year to explore investments in companies addressing sustainability issues.

The fund close brings Spring Lane Capital’s assets under management to $447 million.