Lightrock Raises $500M Fund to Back Clean Energy Access in Emerging Markets

Private equity firm Lightrock has raised a new $500 million fund to back businesses expanding access to affordable, clean energy across Africa and Asia.

The fund, named Accelerate7, has secured investment commitments from Equinor ASA, Shell Plc, TotalEnergies SE, and LGT Group, the private banking and asset management firm owned by Liechtenstein’s royal family.

London-based Lightrock plans to invest between $10 million and $50 million in growth-stage companies across Sub-Saharan Africa, South Asia, and Southeast Asia.

Lightrock is Expanding Access to Affordable and Clean Energy

Lightrock, the private equity firm spun out of Liechtenstein’s LGT Group, has closed a $500 million fund targeting companies that expand access to affordable and clean energy across Asia and Africa.

Through its Accelerate7 vehicle, the firm plans to invest between $10 million and $50 million in growth-stage companies in Sub-Saharan Africa, South Asia, and Southeast Asia. The details come from a statement reviewed by Bloomberg News.

More than 660 million people worldwide lack access to electricity, and 2.1 billion still cook with polluting or hazardous fuels. This fund is working to change that, with teams on the ground across many of its target markets.

The name Accelerate7 was coined using United Nations Sustainable Development Goal 7 (SDG 7), and the fresh funds will help to further the goal of affordable, reliable, sustainable, and modern energy for all.

The fund will bring major social and economic benefits to millions, according to Demi Edosomwan, partner and head of energy access at Lightrock, who will lead the effort.

“This work is also deeply personal to me. The majority of those without access to reliable energy and modern cooking fuels are in Africa, and energy poverty does not simply mean living without lights. It means poorer health outcomes, constrained livelihoods, and a disproportionate burden on women and girls, who are often most directly affected by collecting fuel, tending cooking facilities, and being exposed to hazardous fumes,” she tells Tech Funding News.

Use of Accelerate7 to Date and Future Deployment

Accelerate7 has already backed four companies: SolarSquare, a rooftop solar provider; Sun King, an off-grid solar company; Euler Motors, an electric vehicle maker; and ATEC Global, which makes IoT-enabled clean cookstoves.

The strategy targets companies in three areas: electricity access, clean cooking, and technologies like electric mobility and energy storage. Singapore-based investment firm TRIREC will help deploy the fund across Southeast Asia.

“Accelerate7 is investing at the intersection of infrastructure and growth equity, or infra growth equity, targeting businesses that provide essential infrastructure or enabling services,” Lightrock Chief Executive Officer Pal Erik Sjatil said in a Bloomberg interview.

The fund is focused on investing in companies across three core sectors: access to electricity, clean cooking, and technologies such as electric mobility and energy storage.

“The fund is specifically designed to bridge the equity gap in emerging markets, focusing on United Nations Sustainable Development Goal 7: affordable and clean energy,” said Edosomwan. 

The firm is also expanding its emerging markets approach, having just secured a $15 million commitment from development financier Proparco for its Latam Fund II. Accelerate7 has a strong pipeline, Edosomwan says, and “the energy crisis has only underscored the need for proven solutions that can strengthen local resilience to energy shocks.”

The firm pays close attention to exit options for the companies it backs and outlines them early. Edosomwan says this will remain a priority while Lightrock holds a stake. She expects likely routes to include secondary sales and acquisitions by strategic buyers.

Looking ahead, Edosomwan is focused on the energy crisis, fuel disruptions, supply chain pressures, input costs, and customer affordability. “The need for resilient, distributed, affordable energy solutions is very clear. However, the question is which businesses are best placed to grow through this environment and deliver both impact and strong returns,” she says.

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