Second close for Vortex Energy IV Fund around the corner? Our friends at EFG Hermes have reportedly opened subscriptions for a second close of USD 300 mn for the fourth fund of flagship renewable energy investment platform Vortex Energy, Al Borsa reports, citing an unnamed source at the fund. The close — which is reportedly targeting commitments from Gulf sovereign wealth funds and European investors — could wrap up before the year’s end, bringing the fund’s total size to over USD 500 mn. A senior exec declined to comment when we reached out yesterday.

ICYMI: The fund reached first close of USD 200 mn back in 2021.

Where’s all that dry powder going to be deployed? The fund will finance the expansion of Spanish renewables developer Ignis Energia and potentially the acquisition of an unnamed major renewables company which is currently under study, according to the local outlet.

Vortex Energy loves Ignis: Vortex has reportedly invested around EUR 398 mn in Ignis so far according to Al Borsa. It had committed some EUR 300 mn to the company as of the beginning of November, EFG Hermes co-CEO Karim Moussa told us last month. It is unclear whether Vortex is still on track to invest a total of EUR 625 mn in Ignis to acquire an undisclosed stake in the firm; Moussa told us previously that it was in talks to revisit the plans due to changing market conditions.

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