GDEV Management, a leading middle-market specialist in distributed energy resources, has secured over $200 million in capital commitments for its second flagship fund (Fund II), with support from a large Canadian pension plan and several U.S. insurance companies.
Fund II continues GDEV’s strategy of developing distributed energy resource (DER) platforms into mature infrastructure businesses. Its portfolio has successfully added over 330 MW of new energy generation and 260 MWh of energy storage capacity across North America, primarily behind the meter. This approach allows assets to bypass lengthy permitting processes, resulting in attractive, inflation-linked returns and quicker deployment.
Since its launch, GDEV has established a strong track record, collaborating with prominent investors such as Apollo Global Management and Ares Management. Fund I, launched in 2020, focused on behind-the-meter and on-site generation, with notable transactions including the sale of Commonwealth Energy Partners to Perennial Power Holdings and Relevate Power’s partnership with Apollo for Gravity Renewables.
Fund II has already made seven investments, including Nexus PMG, Lightshift Energy, and 3V Infrastructure, further positioning GDEV to leverage middle-market opportunities in distributed energy infrastructure.
KEY QUOTES:
“Over the past five years, our focus on distributed generation, energy reliability, and retail rate-linked revenue models has remained steadfast, even as markets and legislation experience volatility. For our businesses and investors, this thesis serves as a solid foundation for growth in a rapidly evolving market.”
“Looking ahead to the future of the GDEV franchise, we remain positive and committed to our strategy, knowing that we are well-positioned to apply our policy-agnostic approach to scale even faster, amid evolving regulatory environments.”
Benjamin Baker, Managing Partner at GDEV
