Fundraising - MAY 11, 2017

North Sky holds $63m close for infrastructure fund

by Released

North Sky Capital has held a $63 million close for Clean Growth Fund IV, above its $50 million fundraising target.

This is North Sky Capital’s sixth impact fund. Investors include prominent foundations and family offices from across the United States. The goal of the fund is to generate an outstanding private equity return for investors, while also creating environmental and social benefits like renewable energy, resource efficiency and job creation. The team has already made four investments and deployed 23 percent of the fund’s capital.

“Our focus on industry sectors such as energy, food, water, transportation and industrial efficiency means that a lot of environmental and social good will naturally emanate from our work. However, the goal from day one has always been clear: returns, returns, returns,” says Gretchen Postula, head of investor relations.

Earlier this year, North Sky Capital held a $240 million close for Alliance Fund II, its latest clean energy infrastructure fund. AF II finances the construction and/or repowering of solar, wind, hydro, energy storage and other related projects. Investors include Taft Hartley pension plans, foundations and family offices. The returns, environmental and jobs creation goals of AF II are similar to Clean Growth Fund IV. So far, the team has made six investments and deployed 45 percent of AF II’s capital.

In additional news, North Sky Capital added Kyle Kroeger to its clean energy infrastructure investment team.

“Kyle brings excellent deal sourcing, analysis and execution capabilities to the team, having previously worked at Terraform, an owner and operator of clean energy renewable assets,” says Danny Zouber, managing director.

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