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Banking & Finance

Orix, ADB to create $400M Asian green business fund

TOKYO -- Orix and the Asian Development Bank will launch a private-equity fund as soon as this fall that will invest in environmentally sound Asian businesses.

     The venture, called Asia Climate Partners, will have an initial capitalization of $400 million, Orix said Monday. The Japanese financial services group and the ADB will each contribute $100 million, with the remainder to be raised from institutional investors.

     Rounding out the partnership is Dutch asset manager Robeco, which Orix acquired last year. The partners see the possibility of scaling up the fund to $1 billion eventually.

     Based in Hong Kong, Asia Climate Partners will be run by a team drawn from Orix, Robeco and the ADB. It will invest in earth-friendly deals and companies in such areas as renewable energy, agriculture and forestry.

     The fund forms part of Orix's efforts to make renewable energy and resource efficiency a pillar of its earnings alongside leasing and consumer finance.

     The ADB dispensed around $10 billion in environment-related aid in 2011-13. It sees Orix, with its extensive network spanning more than a dozen Asian countries, as a partner for promoting environmentally sound businesses in the region.

(Nikkei)

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