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Laxman Pai, Opalesque Asia:

Ara Partners, a private equity firm specializing in industrial decarbonization investments, has closed its second fund with approximately $1.1 billion in capital commitments.

The Houston-based firm said it wrapped up Ara Fund II far above an initial $650 million target. Ara last year secured roughly $400 million for its predecessor vehicle.

Ara Fund II received commitments from a diverse set of returning and new institutional investors in North America, Europe, and Asia, including public pensions, sovereign wealth funds, endowments, and foundations.

"We are extremely gratified by the very strong interest in Fund II and pleased to welcome several well-respected institutional investors to our limited partner base," said Charles Cherington, Managing Partner of Ara Partners. "We particularly appreciate the support of our returning investors from Fund I and look forward to pursuing strong returns for all of our partners through an investment portfolio that is actively reducing GHG emissions, carbon, and waste."

Led by Managing Partners Troy Thacker and Charles Cherington, Ara invests "in companies in the United States, Canada, and Europe that have the potential to achieve significant reductions in carbon emissions," the firm said. Such companies could be in the industrial and manufacturing, chemicals and materials, energy efficiency and green fuels, and food and agriculture sectors. Fund II already has invested in five companies, and a s......................

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