Green Arrow buys renewables asset manager Quercus

Luxembourg-based Quercus Assets Selection manages five funds dedicated to renewable energy that are active in Italy, the UK, Spain, Romania and Bulgaria: Quercus Renewable Energy (QRE), Quercus Renewable Energy II (QRE II), Quercus European Renewables (QER), Quercus Italian Wind Fund (QIWF), and Quercus Italian Solar Fund (QISF). The funds manage assets for an aggregate value of around €700m. Their LP base includes several pension funds, insurance companies and foundations from Italy and the rest of Europe.

According to the firm, Quercus Investment Partners intends to begin a new investment cycle with the support of several international investors by extending its focus beyond traditional energy production assets and including new market segments.

GAC currently operates in the renewable energy sector via its €100m fund Radiant Clean Energy, its vehicle Investimenti Rinnovabili and a €52m fund called Green Arrow Capital Energy Fund. In addition, the GP plans to launch a new vehicle with a €700m target dedicated to energy infrastructure and renewables, named Fondo Infrastrutture Energetiche, at the beginning of 2020.

With the acquisition of Quercus, GAC intends to become one of the top 10 energy asset managers in Europe, with approximately 400 MW of renewable assets under management.

This the second asset manager bought by GAC, following its acquisition of Italian private equity firm Quadrivio in November 2017. With this last acquisition, GAC reaches assets under management of around €2bn.

GAC held a final close for its third private equity fund on €230.6m in September 2018 and intends to launch a fourth vehicle with a €400m hard-cap in the first half of 2020.

The GP is also active across other alternative asset classes, including private debt and credit recovery. It closed its Green Arrow Private Debt fund on €136.2m in November 2018 and is raising a €200m fund called Special Credit Situations.

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