Capital Dynamics has raised its first direct fund, securing $282m to invest in US solar energy and infrastructure, but it is almost fully spent already.

The European fund of funds, which hired a team to launch a cleantech practice two years ago, took 18 months to raise the vehicle and had regular closings along the way, allowing it to invest the capital. The fund is 70% invested, close to the 75% threshold when firms typically begin raising successor funds.