Aware Super’s private equity team has signed up as a co-investor for Washington’s Galway Sustainable Capital, a specialist financier acquired by Macquarie Asset Management for $US250 million ($382 million) in June.
Under the deal, Aware Super would tip in $US50 million to own the firm with MAM’s Green Investment Group, better known as GIG.
Galway hunts for opportunities across renewable energy, transport, green buildings, energy efficiency agriculture and carbon markets – aka sectors that would help North America’s energy transition.
Last month, it bought a majority stake in Forsite Renewables, a Charlotte, North Carolina-based developer of solar and battery storage projects.
The firm was founded in 2020, with equity investment from Cordillera Investment Partners, and has ruled off more than 30 investments totalling $US309 million. It is growing rapidly; deployed capital sat at $US250 million just eight months ago when Mac’s GIG came calling.
Aware Super’s investment was made by its Jenny Newmarch-led private equity unit, which aims to deploy 50 per cent of its $10.2 billion pool on co-investments. Last year, the team added Alex Satchcroft, previously a deal maker at New York distressed debt investor Anchorage Capital Group, who lead the charge on the Galway investment.
William Demas, head for GIG for Americas, oversaw the deal for MAM.
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