Greenbacker Capital Management announced today that its Greenbacker Development Opportunities Fund I has completed fundraising at $142m, nearly reaching its $150m hard cap.
The Fund’s first institutional investor was a fund managed by Aether Investment Partners, which finalized its commitment in June 2021. This investment was followed by commitments from UK-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 of which became the Fund’s largest limited partner with its $40m commitment.
Along with the other technologies GDEV invests in, battery storage is also a critical component of the clean energy transition—a shift that will require considerable capital. According to Bloomberg, achieving zero carbon emissions in the US alone by 2050 will require $2.5 trillion of investment by 2030.
Read more: PR Newswire
