Alternative investment fund manager CarVal Investors announced today it closed its first dedicated clean energy fund at USD 490 million (EUR 404m). In fact, this result is ahead of expectations since the CVI Clean Energy Fund had an initial target of USD 250 million.
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CarVal on closing with $490M its clean energy fund
Today, alternative investment fund manager CarVal Investors announced it closed its first dedicated clean energy fund at USD 490 million (EUR 404m).
Accordingly, the CVI Clean Energy Fund exceeded expectations since it had an initial target of USD 250 million. However, the fund secured total capital commitments almost double that amount.
Indeed, the fund’s existing limited partners include corporate pension funds, sovereign wealth funds, private banks, endowments, and foundations. Also, fund of funds, family offices, and high net worth individuals. Accordingly, they all committed capital to the new vehicle.
Moreover, the fund will focus on investments in the clean energy sector, mainly in North America. Thus, it represents a continuation of CarVal’s platform for renewable energy private debt transactions.
“The close of CVI Clean Energy Fund enables us to ramp up our capital deployment in renewable energy. Also, to fund projects that meet our risk and return criteria;” commented Jody Gunderson, managing principal for CarVal Investors overseeing the Clean Energy opportunity.
Similarly, Lucas Detor, a managing principal of CarVal Investors, said; “We are humbled by the support of our existing and new partners in CEF.”
Therefore, “this is an exciting opportunity for us to find attractive projects and partner with innovative companies in the clean energy space. In brief, we believe the timing of CEF is suitable as we are seeing exponential growth in this sector with a deep pipeline of interesting opportunities,” added Mr. Detor.
Finally, CarVal has invested over USD 2 billion in clean energy since 2017.
