Cleantech private equity firm Element Partners it had closed its Element Partners II LP (Element II) equity fund with $486 million (US) in collected capital — $86 million more than originally targeted.

The Element II fund will be used to invest in high-growth cleantech companies in a variety of sectors, including energy, water, materials and manufacturing.

“The successful fundraising further validates our history of providing investors with superior results, and the growing interest in cleantech,” said David Lincoln, managing partner of Element. “We are extremely gratified by this vote of confidence and look forward to extending our leadership in the global cleantech arena.”

Element Partners currently has a portfolio of 22 companies focused on areas ranging from alternative energy and biofuels to green building materials and water treatment. In all, the firm now manages more than $800 million across funds, and has completed more than 100 cleantech investments since 1995.

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