Investment Fund 24 · 2028 Vintage · Value-Add III

Value-Add III


Repositioning, operational improvement, moderate risk. — targeting a net IRR of 13–18% across contracted, operator-led energy assets.

$4.03B
Fund Size
13–18%
Net IRR Target
$2M
Minimum Commitment
In Formation
Deployment Status
Strategy

Investment thesis

Repositioning, operational improvement, moderate risk. This vintage targets institutional-quality assets with defined risk-return profiles aligned with LP mandates for long-duration exposure to the renewable energy platform.

Coverage

Target asset types

  • Underperforming or undermanaged renewable energy assets
  • Interconnection, contract, or operational repositioning opportunities
  • Moderate-risk assets requiring active asset management
  • Capital improvement and re-contracting programs
Sample deal profile

Grid Interconnection Repositioning Asset

An underperforming 300 MW generation and storage co-located facility acquired below replacement cost, repositioned through interconnection upgrades, contract renegotiation, and operational improvement to stabilize cash flow.

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

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

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