The clean technology affiliate of UK-based conglomerate Virgin is reportedly looking to raise $300m for a second fund.
Virgin Green was expected to raise the next fund by the end of this year, news provider Buyouts magazine said, citing a source familiar with the matter.
The firm´s second fund would invest between $10m and $30m per deal, Buyouts said. Sir Richard Branson, founder of Virgin, was expected to invest in the second fund, Buyouts said.
The group’s first fund raised $199m in 2008, from various investors. Virgin Green was set up in 2007 with the backing of Virgin, the group still run by Sir Richard.
Separately Virgin Green-backed US-based Wildcat Discovery Technologies has raised $7.5m in capital, which includes $685,000 in warrants according to a Securities and Exchange Commission filing.
Wildcat researches materials for clean technology applications, including lithium ion batteries, hydrogen storage and carbon capture.
Wildcat is also backed by venture firms CMEA Capital and 5AM Ventures, which along with Virgin invested in the company’s series A round in November 2006, which was an undisclosed size, according to Wildcat’s website. Wildcat was founded in 2006.