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CarVal Investors collects $490m for clean energy fund

CarVal Investors has closed its clean energy fund at $490 million, beating its $250 million target.

CarVal Investors has closed its clean energy fund at $490 million, beating its $250 million target. CVI Clean Energy Fund’s limited partners include corporate pension funds, sovereign wealth funds, private banks, endowment, foundations, fund of funds, family offices and high-net worth individuals. Schulte Roth & Zabel LLP served as legal counsel to CarVal. The fund is focused on credit and hard-asset investments in the clean energy sector, primarily in North America.

PRESS RELEASE

MINNEAPOLIS, May 5, 2021 /PRNewswire/ — CarVal Investors, an established global alternative investment manager, today announced the final close of CVI Clean Energy Fund (CEF or “the Fund”) with $490 million in total capital commitments. The Fund, which exceeded its initial target size of $250 million, is focused on credit and hard-asset investments in the clean energy sector, primarily in North America. CEF is a continuation of CarVal’s platform for renewable energy private debt transactions, including contracted solar projects, battery energy storage, and energy efficiency-related investments.

“We are humbled by the support of our existing and new partners in CEF,” said Lucas Detor, a managing principal of CarVal Investors. “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 added, “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. CarVal Investors has invested over $2 billion 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.”

The Fund has received commitments from both new and existing limited partners, representing a broad cross-section of corporate pension funds, sovereign wealth funds, private banks, endowment, foundations, fund of funds, family offices and high net worth individuals.

Schulte Roth & Zabel LLP served as legal counsel to CarVal.

About CarVal Investors
CarVal Investors is an established global alternative investment manager focused on distressed and credit-intensive assets and market inefficiencies. Since 1987, CarVal’s team has navigated through ever-changing credit market cycles, opportunistically investing $126 billion in 5,510 transactions across 82 countries. Today, CarVal Investors has approximately $10 billion in assets under management in corporate securities, loan portfolios, structured credit and hard assets.

For more information, visit www.carvalinvestors.com.