AB CarVal, part of leading global investment management firm AllianceBernstein (AB), has completed the final close of CVI Clean Energy Fund II (CEF II) with $1.5 billion in total capital commitments to the energy transition strategy. The fund focuses on credit and hard-asset investments in the clean energy sector, primarily in North America and Europe.
CEF II is a continuation of AB CarVal’s platform for renewable energy private debt transactions. The fund has received commitments from both new and existing limited partners, representing a cross-section of corporate pension funds, sovereign wealth funds, private banks, endowments, foundations, funds of funds, family offices and high-net-worth individuals.
“Rapid growth in renewable energy and a fragmented financing market present a compelling opportunity,” said Jody Gunderson, managing principal with AB CarVal. “The global energy transition is extremely capital intensive, and private investment offers a dire