HSBC GAM has so far raised US$474 million for the fund, including a US$75 million commitment by anchor investor the IFC, a member of the World Bank Group, and a US$75 million commitment by HSBC. Seven private investors have joined HSBC and IFC, with others expected to commit later this year.
Commenting on the transaction, Stephen said: “We are delighted to have worked with HSBC GAM on this important new fund, which will provide much-needed capital to develop the sustainable finance markets of emerging economies. The success of the fundraising is testament not only to HSBC’s vision and team, but also to the continuing demand from LPs for sustainable products, notwithstanding the more general uncertainty created by the COVID-19 pandemic.“
HSBC GAM is a global investment manager with US$470.2 billion in assets under management.