CarVal Investors has received $490m (€325m) worth of capital commitments, from both new and existing limited partners, for its first dedicated clean energy fund.
The global alternative investment manager said the amount raised for the CVI Clean Energy Fund (CEF) at close exceeded the fund’s initial $250m target.
The manager said the fund was backed by both new and existing limited partners, including corporate pension funds, sovereign wealth funds, private banks, endowment, foundations, fund of funds, family offices and high net worth individuals.
CEF is focused on credit and hard-asset investments in the clean energy sector, primarily in North America.
Lucas Detor, a managing principal of CarVal Investors, said: “We are humbled by the support of our existing and new partners in CEF. This is an exciting opportunity for us to find attractive projects and partner with innovative companies in the clean energy space.
”We believe the timing of CEF is opportune as we are seeing exponential growth in this sector with a deep pipeline of interesting opportunities.”
Jody Gunderson, managing principal for CarVal Investors overseeing the clean energy opportunity, said: “The close of CVI Clean Energy Fund enables us to ramp up our capital deployment in renewable energy and fund projects that meet our risk and return criteria.”
Gunderson said CarVal Investors has invested over $2bn in clean energy since 2017, making this a significant and successful part of CarVal’s business.
“We have a dedicated team working to build a large and diverse portfolio of investments that are not only profitable but benefit our environment.”
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