Luxembourg-based Carlson Fund Management Company SA has picked up a minority stake in Chennai-based mid-cap technology firm Polaris Software Lab (Polaris) through its Norway-based investment vehicle Carlson Fund – DnB NOR Renewable Energy.
According to information available with FE, the German fund house bought 551,000 shares of Polaris Software Lab from the open market at a price of R183.86 per share in a single deal. This works out to be around 0.56% of the paid-up equity capital of Polaris.
?Though the stake is not very significant, it is perhaps the first investment of Carlson in the technology space. The fund generally focuses on new technologies in the field of green energy, renewable energy and cleaner energy space,? an analyst with a local brokerage house said.
As of January 2011, 26% of Carlson Fund – DnB NOR Renewable Energy?s investment portfolio was in power generation, 25% in energy saving, 16% in solar space, 10% in transport and storager, 9% in bio-fuel, 6% in grid, 4% in wind and 1% in composite materials.
India accounts for just 2.5% in the total fund allocation with the US topping with 33.9% followed by China 14.6% and Spain 13.4%.
Launched in August 2007, Carlson Fund – DnB NOR Renewable Energy has a fund size of euro 39.7 million.