Greenbacker Capital Management LLC has closed its debut private equity fund, Greenbacker Development Opportunities Fund I LP, after raising $142 million, nearly reaching its $150 million hard cap.
The fund launched in October 2020 and provides capital for growth-stage sustainable infrastructure companies. As of the final closing, the fund made eight investments across multiple clean energy technologies, including solar photovoltaic electricity generation, hydroelectric generation, and battery storage.
Since inception, Greenbacker Development Opportunities Fund I has committed approximately $80 million to its existing portfolio companies, as well as $10 million of incremental co-investment directly into these companies.
“When we launched, we discovered there was a huge appetite for our niche within sustainable infrastructure—finding management teams on the cusp of significant growth and getting them to the next level,” said Ben Baker, managing director and principal of the fund. “That means we’ll be there for a lot of the firsts of our companies. It’s more grey hair for us, but it’s worth it. Our partners really like that we actually have the hands to be hands-on for them.”
Greenbacker Capital Management LLC is an SEC registered investment adviser that provides advisory and oversight services related to project development, acquisition, and operations in the renewable energy, energy efficiency, and sustainability industries.