US technology-focused private equity firm Silver Lake Partners has teamed up with the hedge fund investment vehicle of billionaire financier George Soros to launch a clean energy fund.
The Silver Lake Kraftwerk fund is to invest in companies in the energy efficiency and renewable energy sectors in partnership with Soros Fund Management.
The new venture will be based in Silicon Valley and China and will invest in companies that leverage technology in the low carbon sector.
Former Foundation Capital general partner Adam Grosser will lead the new fund, Silver Lake Kraftwerk, which will provide growth capital to businesses in the energy and resource sectors.
During his ten-year tenure at Foundation Capital, Grosser was a board member for energy efficiency company EnerNOC, Silver Spring Networks, Calix and Peribit.
His team will include Cathy Zoi, who recently resigned from the Obama administration, where she served as Acting Under Secretary for Energy.
“We are excited to launch Silver Lake’s fourth investment strategy, this one focused on the energy and resource sectors, where we will target growth stage companies with proven technologies and business models,” said Silver Lake managing director Greg Mondre.
“There are many parallels between the development of the technology sector and the innovation that is occurring in the energy and resource sectors today,” he added.
Mondre said that the new clean technology venture is the culmination of an expansion that the company has been actively planning for some time.
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