Investment Fund 33 · 2028 Vintage · Special Situations II

Special Situations II


Complex, dislocated, and event-driven investments. — 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

Complex, dislocated, and event-driven investments. 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

  • Complex, event-driven energy infrastructure transactions
  • Corporate carve-outs and divestiture-driven acquisitions
  • Dislocated capital structures requiring restructuring
  • Time-sensitive, structurally complex opportunities
Sample deal profile

Event-Driven Midstream Carve-Out

A natural gas midstream gathering and processing system carved out of a larger corporate divestiture, acquired at a dislocated valuation and restructured around new take-or-pay contracts with creditworthy shippers.

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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