Aware Super has made a US$50m (€46m) co-investment alongside Macquarie Asset Management (MAM) into speciality infrastructure finance company Galway Sustainable Capital (GSC).

GSC offers scale and efficient capital deployment into emerging sustainability transition assets and has already made over US$309m in commitments across 27 investments within its first two-and-a-half years of operations. MAM’s Green Investment Group (GIG) made a US$250m investment in GSC last June.

Head of Macquarie Asset Management Green Investments for the Americas, William Demas, said: “Aware Super shares our objective of meeting the demand for energy transition and sustainability solutions over the next decade.

Demas said: “We look forward to working with Aware Super and Galway Sustainable Capital to support the development of projects and companies seeking to rapidly accelerate the transition to net zero.”

Aware Super portfolio manager – private equity, Alex Satchcroft, said the co-investment alongside MAM highlighted the fund’s focus on being an active co-investment partner and co-underwriter. “We aim to deploy 50% of our capital into co-investments and the ability to partner with MAM is further proof of our growing market presence.”

“The additional push arising out of the Inflation Reduction Act will also fan existing sectorial tailwinds to potentially deliver strong risk-adjusted returns for our members here in Australia,” he said.

Galway Sustainable Capital CEO Jennifer von Bismark said: “Investing in a sustainable future is both critical and urgent. We share Aware Super’s commitment to responsible investing for people and the planet.

“Their infusion of funds and our alignment around goals will enable Galway to accelerate our mission of providing capital to advance a greater number of solutions to pressing environmental and social problems facing our world.”

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