OIC Closes Growth Fund I Above Target at $370 million
08 Julio 2024 - 7:30AM
Business Wire
- Exceeded fundraising target of $350 million
- Over 80% of capital raised from existing investor base
- Positive early deployment progress, with six investments
already made
Orion Infrastructure Capital (“OIC”), the US middle-market
infrastructure manager, has successfully concluded the fundraising
of its inaugural Infrastructure Growth Fund (“the Fund”). The Fund
raised over $370 million in commitments, surpassing the initial
target size of $350 million.
The Fund saw strong demand from existing OIC investors that
accounted for over 80% of the capital raised, while also adding new
investors from Europe and North America. Investors included
insurance companies, pension funds, foundations and family
offices.
OIC has seen excellent momentum in the early deployment of the
Fund, already allocating over 60% of commitments across a
diversified initial portfolio of six investments. This
includes:
- Subsea Environmental Services, focuses on recovering
out-of-service submarine telecommunication cables and recycling
their constituent parts.
- Occurrent Power, Inc., a tidal power developer and
operator that designs and manufactures vessels to generate
electricity.
- Forge Nano, Inc., uses an innovative process called
atomic layer deposition to improve performance, efficiency, and
safety of batteries.
- Gauzy, Ltd., a market leader in the provision of
SmartGlass for aerospace, automotive and built environments.
- ZincFive, Inc., the primary global producer of
nickel-zinc battery cabinets that serve as uninterruptible power
supply for data centers.
- VEMO, an established clean mobility platform that
provides customers with integrated electric vehicle solutions
including financing, infrastructure, and fleet management.
OIC is proud to be partnering with these environmentally and
socially innovative businesses. From recycling deep sea cables to
providing electric vehicle infrastructure, OIC’s growth debt
strategy aims to address the dislocation of debt and equity capital
solutions in growth stage infrastructure sectors across North
America. The strategy is underpinned by OIC’s proven ability to
identify, partner, and generate value for investors with
middle-market infrastructure businesses in a non-dilutive,
non-controlling form.
To support the continued expansion of OIC’s investment platform,
OIC has built a dedicated team of nine focused on the growth debt
strategy, while hiring an additional 15 new people across the wider
firm in the last 12 months.
Nazar Massouh, Co-founder and CEO of OIC, said:
“We’re incredibly grateful for the support of our investors in
launching this new strategy and helping us break through our $350
million fundraising target. There is an exceptional need for
capital in the North American infrastructure middle-market, driven
by a period of sustained innovation and a desire to rapidly
decarbonize the economy. We know that our growth debt strategy is
well placed to capitalize on these macro tailwinds, while
generating a positive impact for society and delivering sustainable
long-term returns to our investors.”
Jeremy Glick, Head of Infrastructure Growth at OIC,
said:
“Surpassing our initial fundraising target is incredibly
pleasing and being over 60% committed at final close is testament
to the excellent work of the team and the market opportunity we’re
seeing. It’s exciting to be partnering with these fast growing and
innovative businesses. They have the potential to rapidly change
the industries in which they operate, and we feel privileged to
support them as they do so.”
Latham & Watkins LLP served as legal counsel to OIC and the
Fund.
More on OIC
With approximately $4.5 billion in assets under management, OIC
invests in North America and select international markets. OIC’s
unique partnership approach – for entrepreneurs, by entrepreneurs –
cultivates creative credit, equity, and growth capital solutions to
help middle market businesses scale and deploy sustainable
infrastructure. OIC’s target investment sectors include energy
efficiency, transportation, digital infrastructure, social
infrastructure, sustainable power generation, renewable fuels,
waste & recycling, water, and agriculture. OIC was founded in
2015 by a team of energy and sustainability veterans, successful
infrastructure investors, and former asset owners and industry
operators. Across OIC’s platform is a team of over 45 professionals
based in New York, Houston, and London.
For more information, please visit www.OIC.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240708142412/en/
Reyno Norval Email: Reyno@OIC.com Telephone: +1 917 905 8521