The manager’s maiden fund returned 2.1x capital and generated an 11.4% IRR on exit. Co-founders Ed Clarke and Martin Lennon talk us through the process and describe what’s changed in the market since its launch.
The two firms are planning a second offering following the sale to ERG. The new venture will be partly financed through recycling some of the sale capital, but will also tap the market for fundraising proceeds in excess of €100m.
The investment alongside PSP Investment and China Investment Corporation is said to be ‘the largest renewable energy generation acquisition in history’. The deal is part of GIP’s $15.8bn Global Infrastructure Partners III fund and its second renewables investment following its €1.2bn deal for a 50% share of the 450MW Borkum Riffgrund 2 offshore wind farm off the German coast.