Macquarie Asset Management has closed its Green Energy Transition Solutions fund (MGETS) at more than $3bn including co-investment commitments.
The fund is Macquarie’s first dedicated vehicle for energy transition investments beyond mature renewables, targeting sectors such as storage, distributed energy, renewable fuels, clean transport, carbon capture and the circular economy.
MGETS has already closed 12 investments and committed over 65% of capital, with portfolio companies including Eku Energy, SkyNRG, Calibrant Energy and French EV battery manufacturer Verkor.
More than $2.4bn of commitments were raised for the fund alongside $647m of co-investment to date, including $405m for Vertelo, an Indian fleet electrification platform.
Chris Archer, executive director at MAM Green Investments, said: “The significant investment requirements of the global energy transition present an opportunity to build the infrastructure of tomorrow while delivering attractive risk-adjusted returns for our investors.”
Macquarie said the fund exceeded its $2bn target, attracting support from pension funds, insurers, sovereign wealth funds and asset managers across EMEA, APAC and the Americas.