Newly established Everest Infrastructure Partners has successfully raised $100 million for its first fund, which like the firm itself will focus on utility-scale renewables in solar and wind.
The Pittsburgh-based firm is sponsored by Wood Creek Capital Management, an affiliate of Babson Capital Management.
“Our investor base is entirely institutional and capped at $100 million, for now,” Everest chief executive Matt Newton told Infrastructure Investor in an e-mailed response. “We are not actively raising additional funds at this time but nothing prevents us from doing so. The focus is predominantly US assets, although we are not limited and may look at select international situations.”
The firm focuses on real asset investing in property interests linked to utility-scale renewables. The firm already owns interests in more than 200MW of generating capacity.
According to the statement, the projects are located in Arizona, California, Michigan and North Carolina.
The firm was founded in 2015 by Newton and co-founders Mike Mackey, who serves as president and John Lemmon, who serves as executive vice-president and general counsel.
Before co-founding Everest, Newton was the vice chairman of TriStar Investors, a firm targeting privately held leased property in the wireless cell tower industry, according to the company’s website.
Mackey and Lemmon were also TriStar executives. Mackey had served as vice-president of acquisitions and corporate development, while Lemmon was vice president and general counsel.