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Carlyle buys eight solar projects from Ireland’s BNRG Renewables

The projects will have total capacity of about 100 megawatts and are expected to cost $130 million to build

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Carlyle Group has acquired eight solar projects in Maine as the asset manager seeks to capitalise on New England’s expanding renewable-energy market.

The projects are expected to cost more than $130m to build and will deliver 100 megawatts of solar-power capacity, enough to supply 19,000 Maine homes, Carlyle said. Construction on the projects started in June, and the total expected cost includes what has already been spent on their development. The Washington firm is buying the projects from BNRG Renewables, an Irish developer and operator of solar-power sites.

“There’s a lot of policy support in terms of new renewable generation in [New England’s] market,” said Pooja Goyal, a managing director and co-head of Carlyle’s infrastructure group who led its investment. She added that Carlyle could make more such deals in the region, possibly with BNRG again.

“This is just our first foray in that market,” Goyal said.

Acadia Renewable Energy, recently formed by Carlyle, will own the projects but won’t manage them. Instead, a joint venture between BNRG and Dirigo Solar, the Portland, Maine-based co-developer of the sites, will manage their completion while BNRG will operate them. Construction is expected to finish next summer, Goyal said.

BNRG didn’t retain any equity in the projects.

More private capital is flowing into the US renewableenergy sector as state and local governments strive to replace fossil fuels with cleaner sources of energy. New England is among the regions most aggressively making this effort.

Since 2013, roughly 6,800 megawatts of regional capacity derived mostly from coal, oil and nuclear power has been retired or will be under current plans for the coming years, regional power grid operator ISO New England said in a recent report. The not-for-profit organisation, which seeks to make power supply more reliable and less costly, added that coal- and oil-fired plants accounted for less than 0.5% of regional electricity consumption last year.

The solar projects that Carlyle has acquired will feed their output to utility companies Central Maine Power and Versant Power under 20-year purchase agreements. While the projects will sell all the electricity they produce, they won’t be liable if their output falls below the contracted amount, Goyal said.

“If it’s a very cloudy day or if your system breaks down, we’re not on the hook to go and buy that electricity in the market to deliver it to the utilities,” she said.

The deal is the second announced so far though Carlyle’s renewable-energy fund. In an earlier transaction, Carlyle made a $100m commitment to form Cardinal Renewables in the US, which seeks to acquire and develop solar projects nationwide. Carlyle made the deal alongside Alchemy Renewable Energy, a portfolio company of Atlanta-based investment firm Monarch Private Capital.

Write to Luis Garcia at luis.garcia@wsj.com

From The Wall Street Journal

To contact the author of this story with feedback or news, email Keith Sellick

Source: https://www.penews.com/articles/carlyle-buys-eight-solar-projects-20200825

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Movacar

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” The Leapfunder Note is a sensible and attractive way to place capital in start-ups in the Netherlands “

” Diversification is important in angel investing. Leapfunder is a platform that allows angels to spread their investments. “

” Leapfunder investing allows you to become actively involved in a start-up, just as in classical angel investing, while taking all the hassle out of transaction execution “

” Leapfunder is ideal for investing smaller amounts in a start-up in the very early stages. Such investments can be a powerful addition to a portfolio “

” With Leapfunder you get a great opportunity to build up a diversified portfolio of start-up investments, often investors can play an active role in developing the company “

” When I saw the Leapfunder proposition I thought straight-away: this is what start-ups need. I am an entrepreneur and wish this system had been available when I started my company. “

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Pieter ter Kuile

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Wouter Kneepkens

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Ronald Bazuin

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Eric van der Maten

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Donald Res

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Source: https://www.leapfunder.com/companies/165

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Liquid Alternatives: Watch Out For These “Potholes” (Goldman Sachs)

Theodore Enders, Global Head of Goldman Sachs Asset Management (GSAM) Strategic Advisory Solutions, says that investors are sometimes disillusioned with their investments in alternatives. However, on closer analysis, it turns out that poor implementation choices within portfolios are more often the problem rather than flawed strategies.

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Liquid Alternatives: Watch Out For These “Potholes” (Goldman Sachs)

https://platodata.net/wp-content/uploads/2020/10/liquid-alternatives-watch-out-for-these-potholes-goldman-sachs.jpg

An incisive note from Goldman Sachs Asset Management details the three pitfalls in daily liquid alts investing.

Theodore Enders, Global Head of Goldman Sachs Asset Management (GSAM) Strategic Advisory Solutions, says that investors are sometimes disillusioned with their investments in alternatives. However, on closer analysis, it turns out that poor implementation choices within portfolios are more often the problem rather than flawed strategies. (GSAM)

GSAM used the equity market drawdown triggered by the coronavirus endemic in early 2020 as a case study.

Three common implementation pitfalls

 

·        Defining the term “alternative”

GSAM defines daily liquid alternatives (DLAs) more rigidly compared with Morningstar. In the opinion of GSAM, DLAs are similar to hedge funds because they reduce portfolio risk, better manage equity drawdowns, and provide differentiated returns from both equities and fixed-income. Several funds considered as alternatives by Morningstar do not fall within the ambit of this definition.

“During the Coronacrisis drawdown, the Morningstar funds that we exclude from our stricter definition exhibited sharp performance disparity—with nearly a quarter having deeper drawdowns than the S&P 500 (-34%),” writes Enders. “Investors owning these funds and expecting better performance were likely dismayed by the outcome.”

·        Lacking strategy diversification

Investors tend to crowd into the equity long/short strategy. However, there are other DLA strategies available such as tactical trading, relative value, and event-driven.

The problem with excessive use of the equity long/short strategy is that these funds also have the highest beta to equities.

“Therefore, they may disappoint exactly when investors hope to realize the benefits of alternatives,” says Enders. “During the Coronacrisis drawdown, the median Equity Long/Short fund fell -22%, double that of all other alternative funds.”

GSAM recommends the use of a multi-strategy approach.

·        Excessive manager concentration

The third pitfall identified by GSAM is the use by investors of only one or two managers. GSM points out that though the median DLA outperformed US large blend funds during the corona crisis, the range of outcomes was nearly 3 times as wide. This shows the greater potential of return dispersion across managers.

“If an alternatives sleeve was comprised of only one or two managers, investors were likely frustrated if those managers were at the bottom end of that range.”

GSAM’s recommendation: Use multi-manager strategies or hedge fund replication strategies.

Related Story:  Retail Investors Can Use Alternative ETFs To Their Advantage

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Source: https://dailyalts.com/liquid-alternatives-watch-out-for-these-potholes-goldman-sachs/

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Supernode Global rebrands with £28m fund for mediatech start-ups

Originally written by Timothy Adler on Growth Business

Supernode Global has rebranded with its £28m venture capital fund for media technology start-ups. The rebranded VC brings together Rooks Nest Ventures and media networking community Supernode in what CEO Michael Sackler believes will give media tech start-ups access to capital, while giving investors a route to the most exciting start-ups. Merging both sides of

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 Michael Sackler, CEO of Supernode Global

Evangelical: Michael Sackler believes venture capital has underserved or even ignored media start-ups

Supernode Global has rebranded with its £28m venture capital fund for media technology start-ups.

The rebranded VC brings together Rooks Nest Ventures and media networking community Supernode in what CEO Michael Sackler believes will give media tech start-ups access to capital, while giving investors a route to the most exciting start-ups. Merging both sides of his business will create a holistic platform.

To date, the old VC side, Rooks Nest Ventures, has made 14 early stage seed investments with an average investment of £400,000.

“We’ve done a little bit more and a little bit less,” said Sackler.

Supernode Global will invest in eight companies per year.

>See also: Draper Esprit raises £110m to invest in tech companies in just three days

Portfolio companies Sackler is particularly excited about include home workout app Fiit, which is in a Series B funding round; Rap Tech Studios, a rap app development company and social media platform for hip-hop fans; and Good Human, a searchable platform for sustainable brands, pitched as a cross between Amazon and Pinterest.

Supernode Global focuses on media infrastructure, both either consumer-facing user-generated-content platforms such as Rap Tech or the under-the-bonnet technology which powers those platforms.

“Any companies that are creating the picks and shovels of the media industry,” said Sackler.

He highlights mobile 3D games engine Unity, which sits under the hood of many of today’s popular games, as the kind of business he would like to invest in.

>See also: Over 1,000 tech start-ups have gone bust since lockdown

Sackler is evangelical about the potential of media technology, arguing the sector has been underserved or even ignored by most venture capitalists.

“These companies that are starting up now are going to have a huge influence on how individuals view the world and possibly even the way society even operates. It’s undervalued and possibly even ignored. You’re consuming media all day every day on these platforms,” he said.

Having founded Rooks Nest Ventures in 2017, the former film producer and angel investor began thinking about creating a global community for mediatech startups and investors last year.

Sackler said: “We thought, let’s focus on building a community which focuses on early stage media technology start-ups where they will get access to the best minds in the business. We didn’t want it to be just a top-of-the-funnel marketing exercise for us. We want to provide every resource we can for start-ups in this space, including venture capital.”

To date, Supernode is creeping up towards 1,000 handpicked members. Although membership is open to all – something which Sackler feels is important for diversity – those members are vetted before joining.

Sackler, a scion of the philanthropic Sackler family, believes that Supernode Global can act as a flywheel, accelerating the development of mediatech.

Sackler said: “We can provide access to a whole range of different services, whether it’s access to capital or talent, partners, workshops, peer-to-peer education, offering both access to start-ups and deal flow for investors.”

Further reading

25 of the most exciting fast growing technology companies in the UK

Source: http://s17026.pcdn.co/supernode-global-rebrands-with-28m-fund-for-mediatech-start-ups-2558200/

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