Eurazeo has held a final closing on its Eurazeo Smart City Fund II at €400 million ($447m), exceeding the initial target.

Five sovereign wealth funds and development institutions including EIF, Bpifrance, PFR, F.R.C and KVIC joined 18 corporations in Europe and Asia to back the fund.

These include strategic investors:

• Banpu
• EDF
• Hager Group
• IMC PanAsia
• Jardine Pacific
• Mainova
• Momentum Venture Capital (SMRT)
• RATP
• Sansiri
• SCG
• SP Group
• Stellantis
• SWK AG
• TotalEnergies
• ZF.

The sustainable cities-focused vehicle targets new technologies and digital innovation in low-carbon economy sectors such as renewable energy, advanced mobility, logistics, manufacturing and the built environment.

The fund invests in companies with verifiable environmental impact primarily in Europe but also in Asia, Israel and North America.

Smart City Fund II is already active with first impact investments in climate tech and sustainability. These include:

• 1Komma5° (carbon-neutral residential solutions and power services in Europe)
• Electra (fast-charging network electric vehicles in France, Italy, Benelux), Swapp (AI-powered construction documents)
• Urban Chain (peer-to-peer renewable energy exchange platform in the UK)

Matthieu Bonamy, partner at Eurazeo and head of the Smart City Fund II, said: “We are grateful for the renewed trust of our existing partners, and to be joined by so many new institutional, corporate investors and family offices in Europe and beyond. We are excited to back more pioneering companies supported by an expanded investment team.”