Greenbacker Development Opportunities Fund I (GDEV), a fund managed by Greenbacker Capital Management, announced it has completed fundraising at $142 million, nearly reaching its $150 million hard cap. The fund launched in October 2020.
As of the fund’s final closing, GDEV has made its first eight investments across multiple clean-energy technologies, including solar photovoltaic electricity generation, hydroelectric generation and battery storage.
The fund’s first institutional investor was a fund managed by Aether Investment Partners, which finalized its commitment in June 2021. The investment was followed by commitments from U.K.-based asset manager abrdn and other institutional, family office, and high-net-worth investors. Notable investors joining the group as of GDEV’s final closing included the Montgomery County (Md.) Employees Retirement System and the pension fund of Ontario Power Generation. The latter became the Fund’s largest limited partner with it
