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TCW Group buys green investment firm Craton Equity Partners

1 Oct 2013

Asset management firm TCW Group has acquired Los Angeles-based Craton Equity Partners, a private equity firm that specialises in socially responsible investing.

Founded in 2006, emerging manager Craton Equity provides growth capital to venture-backed companies within the sustainability, resource efficiency and carbon-reducing technology sectors. The firm has $241.5m in assets under management and said it typically invests in companies with low-capital requirement business models that generally operate independent of any tax credits and government subsidies.

‘The acquisition of Craton Equity further expands our alternative asset management platform at a time when institutional investors are increasingly issuing mandates for socially responsible investing,’ said Jess Ravich, group managing director and head of alternative products at TCW.

Craton Equity managing partners Bob MacDonald and Tom Soto will become managing directors at TCW/Craton. Craton Equity managing partner Kevin Wall will become a senior advisor, while David Asarnow, partner at Craton Equity, will become a senior vice president and director of investments at TCW/Craton. All of the former Craton Equity partners will be on the investment committee for TCW/Craton, where they will be joined by Ravich and David Wang, director of alternatives at TCW. All employees of TCW/Craton will be relocated to TCW’s Los Angeles office.

‘The Craton Equity team is very pleased to now be a part of TCW’s alternative investments platform,” said Soto. ‘Many aspects of the economy are being touched by climate change and now require investments in finding sustainable solutions,” said Wall. “We see unprecedented amounts of capital flowing into environmentally conscious companies, and TCW/Craton will endeavor to contribute to these solutions, while generating solid returns.’

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