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SPG backs brownfield lender

SPG Partners, a firm led by former Ripplewood partner Ian Snow, announced its third deal today, an investment in a lender to ‘brownfield’ real estate projects.

SPG Partners, a New York-based private equity firm, will invest in Continental Environmental Redevelopment Financial (CERF), a lender to brownfield property development projects.

The size of the investment was undisclosed, but a press release noted that the financing would allow CERF to “originate in excess of $500 million in loans”. The deal is SPG’s third since launching last year.

CERF lends to groups that are engaged in the acquisition , remediation, improvement, rehabilitation and development of property that has been damaged by the potential presence of hazardous substances, pollutants or contaminants.

SPG operating partner Joy Schaefer will become non-executive chairman of the board of CERF.

SPG Partners is a collaboration between Ian Snow, a former key Ripplewood Holdings managing director, Ogden Phipps, of the Phipps family group, and Guggenheim Partners, a diversified financial services company. The firm is currently seeking to raise as much as $500 million for a debut fund.