Special Opportunities
We leverage domain knowledge and structuring expertise to support climate-focused companies building asset-oriented businesses.
Our work focuses on offering non-dilutive, asset-backed financing solutions that better align the cost of capital and risk profile in food & agriculture, energy and oceans.
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Debt investments backed by diversified pools of collateral in the form of hard assets, contracts, leases, or cash flows.
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Asset-level, ringfenced financing allows for non-recourse funding of specific company projects that can be supported by their cash flow.
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Falling between common equity and debt, structured equity investments offer the benefits of traditional equity, typically at a lower cost of capital due to additional structuring and risk mitigation.
Investment themes
Next Generation Infrastructure
Investments in distributed clean infrastructure assets that have moved beyond binary development risks but have shorter or more complex contracting structures.
Hardware-as-a-Service
Asset-oriented businesses that require investment to scale, but can potentially benefit from financing capital expenditures off the balance sheet.
Grey-to-Green Transition
Partnerships with companies that help incumbents decarbonize large supply chains.
Natural Assets
Investments in less extractive and more regenerative systems, with the potential for improved future cash flows.
We seek to back companies that have the following characteristics.
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We underwrite assets in the form of cash flows, contracts, or infrastructure to ringfence risk and create value for investors, and in return, we offer companies a competitive cost of capital.
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We underwrite a return of invested capital in a downside scenario, placing emphasis on cash flow visibility, collateral, and creative structuring to manage risk.
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We like opportunities that balance downside risk with potential upside, and use creative structuring to support risk-adjusted growth.
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We invest in businesses as assets are deployed and as such, we take limited fundamental technology risk.
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We prioritize investments that have various viable strategies for successful exit, ensuring liquidity and return on investment.
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We determine if a potential investment would benefit from our sector experience and value-added resources to propel growth.
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We investigate the potential investment’s capacity to drive significant, positive outcomes over time.
Discuss funding with our team
Special Opportunities leadership
The Special Opportunities fund is led by a multidisciplinary team with significant experience across private market investment structures and climate finance.