Energy Transition

Ara Infrastructure Fund I is an infrastructure fund managed by Ara Partners and located in Houston, Texas. Ara Partners plans to acquire majority interests in 8 to 10 companies generating cash flow but not to its full potential. As of March 2024, it has acquired majority stakes in two companies developing biofuels rail terminals: Lincoln Terminal Holdings in Greenville, South Carolina; and USD Clean Fuels in Houston. In May 2025, the fund reached final close with US$800 million.

Arcline Capital Partners IV is the fourth flagship vehicle raised by Arcline Investment Management, closing at $6 billion in October 2025 after a rapid sub-10-month fundraising cycle. The fund significantly exceeded its initial $5 billion target, reflecting strong institutional demand for Arcline’s consistent, industrial-focused investment strategy. Legal counsel for the fundraise was provided by Kirkland & Ellis. The vehicle maintains Arcline’s emphasis on technology-led industrial platforms, with investments targeted across a diverse set of sectors including defense, aerospace, industrial technology, life sciences, energy transition, and specialty materials. These industries align with the firm's long-standing belief in secular tailwinds and thematic value creation. Fund IV focuses on acquiring or partnering with middle-market companies in North America, particularly those with enterprise values of up to $3 billion and annual revenues up to $1 billion. Arcline’s hands-on, operationally intensive approach is designed to accelerate growth through digital enablement, carve-out execution, and management team collaboration. The fund is positioned to benefit from long-term macroeconomic and geopolitical trends such as supply chain reshoring, defense modernization, and industrial decarbonization. Arcline seeks to leverage these dynamics through platform consolidation, carve-outs from larger corporations, and investment in companies where technology transformation is a value lever.

EIP Flagship Fund III is the latest core investment vehicle from Energy Impact Partners (EIP), a global investment firm focused on the clean energy transition. Launched in 2023, this $1.36 billion fund builds on EIP’s collaborative model, bringing together more than 75 strategic limited partners from the energy, utility, industrial, and financial sectors. The fund is designed to accelerate innovation and real-world deployment of transformative technologies across the global energy landscape. This third Flagship Fund represents nearly a 40% increase over its predecessor, giving EIP significantly more capital to deploy during a pivotal moment in the energy industry. With surging power demand driven by AI infrastructure, data centers, and electrification, energy systems must evolve to deliver greater reliability, affordability, and resilience. Fund III focuses on commercially validated technologies that can scale — particularly in energy production, storage, distribution, and intelligent grid management. The fund’s investment strategy is tailored for complexity, with flexibility to adapt across regional and regulatory contexts while targeting growth and mid-market opportunities. EIP emphasizes companies that have achieved product-market fit, possess robust technology, and demonstrate clear scalability. By combining sector-specific diligence with a deep network of corporate partners, EIP supports companies that can materially accelerate decarbonization and infrastructure modernization. EIP Flagship Fund III is not just capital—it’s a platform. The firm fosters deep collaboration between its LPs, portfolio founders, and industry operators to ensure that innovation scales beyond the lab. Backed by sovereign wealth funds, insurers, mission-aligned family offices, and global corporates, the fund seeks to deliver both impact and returns by enabling the next generation of energy systems globally.

Energize Ventures Fund III, with $430 million in capital commitments, is a VC fund by Energize Capital. The fund went over its initial target of $350 million. This fund aims to invest in early-stage companies developing digital and software-enabled solutions that drive energy and industrial transformation. The closure of Fund III brings Energize Capital's total assets under management to over $1.8 billion. The fund focuses on asset-light, digital-first climate solutions, particularly in sectors such as industrial digitization, next-generation infrastructure, and the energy transition. Energize Capital plans to invest in companies at the Series A to C stages, with average check sizes ranging from $15 million to $20 million. Initial investments from Fund III include Tyba, a battery optimization software platform; Archive, a resale technology solution for brands; and Nira Energy, a grid interconnection software platform for energy developers. Energize Ventures Fund III is backed by a diverse group of institutional, corporate strategic, family office, and impact investors. New limited partners include Sweden’s Första AP-Fonden (AP1), Capricorn Investment Group, Reference Capital, Keeling Capital, Keysight Technologies, and WEX Venture Capital. Returning investors comprise GE Vernova, Caisse de dépôt et placement du Québec (CDPQ), Builders Vision, UBS, and WEC Energy Group.

The Greenbelt Capital Partners III fund is a dedicated middle‑market private equity vehicle focusing on companies that are at the intersection of energy, power, and infrastructure transformation. Backed by institutional investors globally, the fund reached its hard cap of US$1 billion, surpassing an initial target of US$750 million, signalling strong confidence in the strategy. The strategy centres on backing commercial leaders that enable electrification, digitalisation, grid‑modernisation, energy efficiency and decarbonisation in the built energy system. By partnering with management teams in the middle‑market, the fund seeks to scale businesses that are driving the “new energy economy” and bridging the gap between traditional energy infrastructure and more modern, resilient, low‑carbon systems. With a seasoned leadership team that has deployed over US$6 billion in equity across more than 260 transactions in their careers, the fund leverages sector experience, operational know‑how and a collaborative culture to generate value for both investors and portfolio companies. The fund targets companies with robust growth potential, operating in geographies around North America, Europe and Asia‑Pacific, and aims to deploy capital initialising now that the fund is closed. The manager is actively building a pipeline of investment opportunities aligned with global megatrends around electrification, infrastructure modernisation and sustainability.

INVL Renewable Energy Fund I (REFI), launched on 20 July 2021 by INVL Asset Management, is a closed‑end investment vehicle tailored to informed investors. Focused on developing and acquiring utility‑scale solar and wind projects, mainly in Poland and Romania, REFI aims to deliver attractive risk‑adjusted returns while supporting Europe’s clean‑energy transition. The fund invests in greenfield and brownfield projects of mid‑ to large‑scale size (approximately €20 m–€70 m each), structured via direct ownership or SPEs, and financed through a mix of equity and debt. Investments are backed by long‑term revenues such as Power Purchase Agreements and Contracts for Difference, ensuring predictable cash flows and asset value enhancement. By mid‑2025, REFI had raised about €73.9 million (through investor units and bond programmes) and built a development portfolio of roughly 389 MW—eight solar parks in Romania (356 MW) and 32 MW+ in Poland—with expected total project investment of over €250 million. Construction is slated for completion by end‑2027, and bond‑based refinancing and new issuance remain key tools for funding this growth trajectory.

ISQ Global Infrastructure Fund III is a 2021 vintage infrastructure value-added fund managed by I Squared Capital. The fund closed at its legal cap of $15 billion, surpassing the initial target of $12 billion, with commitments from over 200 institutional investors across 27 countries. Including a dedicated co-investment vehicle, the fund has $15.5 billion in investable capital. The fund focuses on investments in sectors such as transportation, water and waste management, telecommunications, renewable energy, supply chains and logistics, energy transition, and digital infrastructure. It aims to make impact investments in infrastructure, preferring to invest in 15 to 20 companies globally. ISQ Global Infrastructure Fund III seeks to address critical challenges in a post-COVID world, including climate change, supply chain disruptions, digital transformation, and the energy transition. The fund targets gross returns of 15–20% and a cash yield of 6%.

The Libra Hybrid Capital Fund is a private credit vehicle launched by Granite Asia, a Singapore-based multi-asset investment platform. The fund has secured over US$250 million in anchor commitments from leading Asian sovereign wealth funds, general partners, and a network of founders and entrepreneurs. With a target size of US$500 million, the fund aims to provide non-dilutive capital to mid-market companies across the Asia-Pacific region. Libra focuses on offering secured loans with a defensive risk profile, targeting established businesses that are profitable or have positive cash flow. These companies span various sectors, including those undergoing digital transformation or pursuing growth through acquisitions. The fund leverages Granite Asia's technology ecosystem and operational expertise to deliver stable cash yields and enhanced returns. Managed by partners Ming Eng and Roger Zhang, the fund is part of Granite Asia's broader strategy to support a diverse range of businesses that form the backbone of Asia's economy. By providing flexible, non-dilutive financing solutions, Libra aims to bridge funding gaps for companies scaling within and across the region.

Mirova Energy Transition 6 (MET6) is the sixth investment vehicle of Mirova, an affiliate of Natixis Investment Managers focused on sustainable infrastructure and renewable energy. The fund seeks to invest in proven clean‑energy technologies—including onshore and offshore wind, photovoltaics, hydropower, energy storage and efficiency solutions—while also supporting low‑carbon mobility and hydrogen infrastructure. With a target size of up to €2 billion, MET6 aims primarily at European infrastructure markets, but remains open to investments in other OECD countries, leveraging Mirova’s strong relationships with developers and its flexible investment approach of taking majority or minority stakes, and deploying equity or subordinated debt. The fund builds on Mirova’s prior energy‑transition funds and draws on a dedicated infrastructure team with decades of investments behind it. The strategy positions itself to help accelerate decarbonisation across the energy value‑chain by backing both project promoters and platform scale‑ups throughout full project life‑cycles. MET6 is aimed at institutional investors seeking both financial returns and positive environmental impact, offering a means to deploy capital into resilient energy transition infrastructure aligned with global net‑zero ambitions.

Northleaf Capital Partners has announced the final close of its latest infrastructure fund, Northleaf Infrastructure Capital Partners IV (NICP IV), achieving its hard cap of $2.6 billion and exceeding the initial target of $2.25 billion. This milestone marks the firm's largest infrastructure fund to date, reflecting strong investor confidence in Northleaf's mid-market investment strategy. The fund attracted commitments from over 70 institutional investors across 14 countries, underscoring its global appeal. NICP IV focuses on control investments in contracted mid-market infrastructure assets, primarily in North America, with selective opportunities in Western Europe and Australia. The fund targets sectors such as renewable energy, telecommunications, transportation, and outsourced services, aligning with emerging trends like the energy transition and digital infrastructure expansion. By concentrating on businesses operating within a single country, Northleaf aims to mitigate risks associated with cross-border activities and tariffs. Since commencing investments in 2023, NICP IV has completed five deals, including commitments to Shared Tower, Provident Energy Management, Tillman FiberCo, EVPassport, and Combined Cargo Terminals. These investments exemplify Northleaf's approach of acquiring high-quality assets with long-term contracted revenues. The firm's active value creation strategy involves working closely with management teams to grow and de-risk each investment, leveraging its extensive industry networks and disciplined investment process.

Oaktree Power Opportunities Fund VII is the latest installment in Oaktree Capital Management’s long-running strategy focused on investing in companies that provide essential products and services to critical infrastructure sectors. With a target size of $2.5 billion, the fund aims to capitalize on transformative trends such as decarbonization, electrification, and modernization of utility networks. It seeks to partner with established businesses that are well-positioned to benefit from these shifts, particularly in the electric power, natural gas, water, and wastewater industries. The fund's investment approach emphasizes value creation through operational improvements and strategic growth initiatives. Oaktree leverages its deep sector expertise and extensive executive network to work closely with portfolio company management teams. This collaborative approach aims to drive performance enhancements, identify new market opportunities, and strengthen operational capabilities. Geographically, Fund VII focuses on opportunities in North America and Europe, regions where infrastructure modernization and energy transition efforts are accelerating. The fund targets companies that are not startups or turnarounds but are proven performers with strong market positions. By investing in such companies, Oaktree aims to generate attractive risk-adjusted returns for its investors while contributing to the advancement of critical infrastructure.

The Eurazeo Planetary Boundaries Fund 1 (EPBF) is a next-generation impact buyout vehicle focused on companies that contribute to restoring or adapting to Earth’s critical environmental limits, as defined by the planetary boundaries framework. Launched with a target of €750 million, the fund invests in small to mid-market companies offering scalable solutions in areas like circular economy, biodiversity, low-carbon energy, and sustainable agriculture. EPBF integrates scientific guidance and measurable impact KPIs into its investment strategy, aligning financial success with environmental progress. Managed by Eurazeo partners Erwann Le Ligné and Wilfried Piskula, the fund is backed by a high-level advisory board with experts from science, policy, and industry. Its first investment is in Bioline AgroSciences, a leader in natural pest control, marking a strong commitment to eco-positive innovation.

The Radical Fund is an early-stage venture capital firm dedicated to supporting Southeast Asia's transition to a more resilient future. With a target fund size of $40 million, it invests in startups that address climate change through both adaptation and mitigation strategies. The fund focuses on pre-seed, seed, and pre-Series A stages, providing not only capital but also operational and technical assistance to its portfolio companies. Recognizing the unique challenges faced by Southeast Asian countries, The Radical Fund prioritizes solutions tailored to the region's specific needs. It seeks out ventures that may not traditionally be classified as climate tech but have the potential to make significant environmental impacts. This includes sectors like agriculture, food, circular economy, financial services, mobility, and logistics. The fund is part of the Utopia Capital Management group, which has supported over 130 early-stage startups in emerging markets. The Radical Fund's team is based in Bangkok and Singapore, with plans to expand in the Philippines, Vietnam, and Indonesia. Its mission is to build an ecosystem of climate-oriented companies that deliver both commercial returns and measurable climate impact.

Rockland Power Partners V represents the fifth generation of Rockland’s power‑infrastructure investment vehicles, capturing a wave of investor confidence by raising $1.2 billion — a more than 70% increase versus its predecessor — in less than eight months. This rapid, oversubscribed close underscores the growing institutional appetite for stable, dispatchable energy assets that bolster grid resilience at a critical juncture in the energy transition.The fund’s core strategy centers on acquiring control stakes in operating power generation assets — often under‑managed, undervalued or “option‑rich” plants — that present opportunities for operational and commercial optimization. Through hands‑on asset management, Rockland intends to repurpose or modernize these facilities so they deliver reliable, flexible capacity to support electricity grids under stress from renewables integration, demand spikes, and supply volatility.While the bulk of capital will go into existing plants — generating near‑term cash flow and reliability services — a portion of the fund is earmarked for development and construction of new power generation capacity. These are expected to address rising demand from data centers and other high‑reliability customers who require fast‑deploying, resilient on-site power solutions. In doing so, the fund aims to sit at the nexus of structural energy‑transition trends: the growth of digital infrastructure, reshoring of industrial capacity, and accelerated penetration of intermittent renewables.

SevenGen Growth Fund is a newly launched growth‑capital vehicle anchored by institutional and development‑backers to support Northwest European companies that are advancing the climate transition. It deploys capital into profitable or near‑profitable businesses in sectors such as energy transition, decarbonising industry, circular materials, sustainable mobility and the built environment. The fund capitalises on the momentum of Europe’s climate‑finance ecosystem and addresses a common gap between early‑stage innovation and global scaling by providing meaningful growth financing to companies with established business models but ambitious scaling plans. With initial commitments of roughly €65 m and a target final close of about €150 m in 2026, the fund will invest in selected growth companies—typically via investment tickets in the €5 m to €15 m range—that are founded or headquartered in Northwest Europe, with a mandate for measurable climate impact alongside strong financial returns. SevenGen brings a disciplined private equity approach, a focus on governance and impact measurement (as an SFDR Article 9 fund), and a team with prior climate‑finance experience to unlock value in companies that can convert European climate‑tech innovation into industrial leadership and mainstream adoption of sustainable solutions.

Synergy Capital Fund III is the latest offering from Dubai-based Synergy Capital, aiming to raise $1 billion to invest in special situations across the industrial and infrastructure sectors. Building on the firm's track record, this fund seeks to identify and capitalize on unique opportunities where operational improvements and strategic capital can unlock significant value. The fund's strategy involves targeting companies facing transitional challenges, such as underperformance, succession issues, or being non-core divisions of larger corporations. By providing structured investments that combine recurrent income with capital gains, Synergy Capital aims to deliver strong, risk-adjusted returns while maintaining downside protection through contractual and structural seniority. With a global mandate, Synergy Capital Fund III focuses on investments in Asia and the Americas, leveraging the firm's extensive experience and operational expertise across over 100 countries. The fund's flexible investment approach allows it to tailor solutions across the capital structure, ensuring alignment with the specific needs and circumstances of each opportunity.

TPG Rise Climate II is the second fund in TPG’s global climate impact investing platform, launched in December 2023. The vehicle is designed to scale commercially viable businesses that offer measurable and sustainable carbon reduction solutions. It follows a sector-diverse strategy with a strong emphasis on clean energy, green mobility, sustainable fuels, low-carbon materials, and carbon management technologies. The fund has held multiple closes: an initial close of $4.41 billion in October 2024, followed by a second close in December that brought commitments to around $4.7 billion. As of mid-2025, the fund has surpassed $6.2 billion in capital commitments. TPG is targeting a final close at $8 billion, with a hard cap of $10 billion. TPG Rise Climate II is part of TPG’s broader $10 billion fundraising strategy that includes both this vehicle and the Global South Initiative. ALTÉRRA, a climate-focused investment vehicle backed by the UAE, has committed approximately $1 billion to Rise Climate II as part of a broader $1.5 billion pledge to TPG’s climate platform. This capital supports both developed and emerging market efforts to accelerate the low-carbon transition. The fund has already started deploying capital. Notable investments include Intersect Power, a clean energy developer co-funded with Google to support AI-ready energy infrastructure. It also backed Altus Power, a U.S. solar energy provider, in a $2.2 billion take-private deal. These investments exemplify the fund’s strategy of backing scalable platforms in critical sectors where climate innovation meets economic viability.

Vireo Electrification Fund I is an early‑stage venture capital fund managed by Vireo Ventures, headquartered in Berlin, Germany. Its mission is to accelerate Europe’s transition to an electrified future by backing startups that help decarbonize energy systems, mobility, and infrastructure. The fund closed at €50 million, attracting LPs including energy utilities, corporates, and institutional investors. The fund invests primarily at the seed and pre‑seed/early stages in companies offering hardware‑enabled or software‑enabled solutions across the electrification value chain. Key focus areas include grid intelligence, heat decarbonization, electric mobility infrastructure, energy storage, and smart infrastructure in real estate and industry. Vireo’s model emphasizes close collaboration with its limited partners (LPs), many of which are utilities or energy incumbents, to facilitate pilot projects, scaling, and operational integration for portfolio companies. Rather than being passive backers, LPs contribute industry expertise and connections, helping portfolio companies move more quickly from prototype toward commercial deployment. Geographically, the fund focuses on European startups, although exposure outside Europe is evaluated selectively. Vireo seeks companies with meaningful European presence, whether through operations, customers, or regulatory exposure. Its investments are drawn from a mix of hardware and software, with a strong lean toward solutions that can scale and contribute significantly to decarbonization paths for energy, mobility, heating, and industrial systems.