23 June 2011
Eleven wealthy US families have formed the Cleantech Syndicate, to invest $1.4 billion in clean technology companies over the next five years.
The families, which have not been named, have collectively invested $1.2 billion in privately-held clean-tech firms already.
The syndicate was founded by McNally Capital and Black Coral Capital, who specialise in investing the fortunes of wealthy families. They said the syndicate is the largest dedicated pool of capital in the clean-tech space.
“Families have been investing in the clean-tech space for many years,” said Christian Zabbal, managing director of family office Black Coral, which specialises in clean-tech and renewables investments.
“The Cleantech Syndicate is a natural evolution for us – a way to pool our experience and networks with those of other like-minded family offices and create partnerships that will support better, stronger clean-tech and green energy companies,” he added.
It will draw on the experiences – and capital – of multiple families for the first time, added Walter McNally, managing partner of McNally Capital, which operates a network of family offices.
The partners plan to launch a European Cleantech Syndicate this year and a US co-investment vehicle to allow other investors to put their money in alongside the syndicate.
More partners are also being sought to support the syndicate, including corporations and sovereign wealth funds.
Jess McCabe
