Reserve Fund I · 2026 Vintage

Reserve Fund I


Development, Construction and Regulatory Reserve — a platform support vehicle sized to sustain the reserve needs of Alzaro's operator-led energy infrastructure portfolio.

$16.43B
Fund Size
Support Vehicle
Vehicle Type
$2M
Minimum Commitment
In Formation
Deployment Status
Strategy

Investment thesis

Reserve Fund I holds capital in reserve against development, construction, and regulatory contingencies across the Alzaro platform. Energy infrastructure projects face permitting delays, interconnection changes, and construction cost variance that can outpace initial underwriting; this reserve provides the platform with disciplined, pre-committed capital to bridge those contingencies without disrupting the capital plans of individual investment funds.

Coverage

Target asset types

  • Development-stage contingency reserves for permitting and interconnection delays
  • Construction cost-overrun and schedule-contingency reserves
  • Regulatory and compliance contingency capital
  • Bridge capital for platform-wide development pipeline needs
Role within the platform

Reserve Fund I Role

Reserve Fund I is a capital-preservation support vehicle. It does not make new project investments; it holds reserve capital against development, construction, and regulatory contingencies across the Alzaro platform's investment funds.

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.

Contact Investor Relations