Temporis Capital has secured an LP commitment from the London Borough of Islington for its Temporis Impact Strategy V Fund.

The fund manager – which is believed to have started fundraising for TIS V in early 2022 – secured the GBP 15m investment from the local authority in mid-July.

TIS V, which has a GBP 350m final target, had secured GBP 174m in commitments as of summer 2024, with participating LPs including London borough of Southwark Pension Fund, Croydon Pension Fund and Strathclyde Pension Fund, among others.

The fund has a 14-15% net IRR target, with 25% of funds raised targeted for low risk, operational assets at an 8-11% IRR, a further 20% of the fund targeted for the construction of battery projects at an 11-13% IRR, and a further 15% intended for the construction of renewable energy projects at an 9-11% IRR.

A further 15% of the fund is to be put toward the development of battery projects targeting a 2-5x cash-on-cash multiple, and another 10% is intended to be put toward the development of renewable energy projects targeting a 2-5x cash-on-cash multiple.

The final 15% of the fund is earmarked for deployment toward enabling technologies other than wind, hydro, solar and battery for which the fund is targeting a 20-20% cash-on-cash multiple.

A large portion of funds raised is forecast to be invested in projects in the south-east of England and London area.

*This story was originally published exclusively for NPM Europe subscribers.