GDEV Management, a middle-market specialist focused on distributed energy resources, has raised more than $200 million in capital commitments for its second flagship fund (Fund II).
GDEV’s limited partners include a large Canadian pension plan and multiple U.S. insurance companies and endowments.
In an exclusive interview with IREI, Benjamin Baker, managing partner at GDEV, shared the fundraising target for Fund II was in the $250 million range, and he expects that as GDEV grows, future vehicles will likely be significantly larger than Fund II.
“We were in the market for most of 2023 and 2024, which were brutal fundraising years, so we’re very pleased that we have a concentrated group of LPs who really believe in us and support us,” said Baker.
The firm wanted to grow Fund II incrementally from its predecessor, Fund I, which launched in 2020 and raised approximately $150 million.
Fund II represents a continued focus on GDEV’s strategy of
