Investment Fund 10 · 2026 Vintage · Utility Platform & Electrification

Utility Platform & Electrification


Rural electric cooperative and municipal utility acquisitions, and electric vehicle charging infrastructure. — targeting a net IRR of 13–18% across contracted, operator-led energy assets.

$7.32B
Fund Size
13–18%
Net IRR Target
$2M
Minimum Commitment
In Formation
Deployment Status
Strategy

Investment thesis

Fund 10 acquires rural electric cooperative and municipal utility platforms and invests in electric vehicle charging infrastructure — two strategies unified by durable, regulated or quasi-regulated revenue and rising electrification demand. Utility platform acquisitions provide stable, rate-base-like returns with operational upside from modernization, while EV charging infrastructure captures the growth in electrified transport through contracted host agreements and utilization-based revenue.

Coverage

Target asset types

  • Rural electric generation and transmission cooperative acquisitions
  • Municipal utility system acquisitions and modernization
  • DC fast-charging corridor networks
  • Fleet depot and commercial EV charging infrastructure
Sample deal profile

Interstate Fast-Charge Corridor

A DC fast-charging network along a major interstate corridor, contracted with fleet and consumer-charging hosts, supported by utility interconnection agreements secured at each site.

Representative, illustrative profile of the asset type this fund targets. Not an offer, commitment, or existing holding.

Fees & terms

Vehicle summary

VehicleDelaware limited partnership
Preferred return8% compounded annually
Carried interest20% above 8% pref (100% GP catch-up)
Fund term12–15 years + two 1-year extensions
Investment period5–6 years
Minimum LP commitment$2 million
GP commitment2% of total fund commitments
Distribution waterfallEuropean (whole-fund)
Fund administratorIndependent third-party administrator (to be appointed)
AuditorPricewaterhouseCoopers LLP
Legal counselLepore Law Group
We size each fund to the durability of its cash flows, not the appetite of the moment. Concentration follows conviction, and conviction follows underwriting.
Alzaro Energy Investment Committee

Talk to our investor relations team

For fund materials, capital account information, and partnership inquiries, reach Alzaro Energy directly.

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