Reserve Fund III · 2028 Vintage

Alzaro Reserve Fund III


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

$11.50B
Fund Size
Support Vehicle
Vehicle Type
$2M
Minimum Commitment
In Formation
Deployment Status
Strategy

Investment thesis

Alzaro Reserve Fund III holds reserve capital against development, construction, and regulatory risk across the Alzaro platform's investment funds. This vehicle funds cost overruns, permitting delays, interconnection reconfiguration, and other construction-phase contingencies that arise before assets reach commercial operation. It does not hold project-level investment positions; it provides the reserve capacity that protects platform-wide delivery timelines.

Coverage

Target asset types

  • Construction cost overrun and contingency reserves
  • Permitting and regulatory delay contingency funding
  • Interconnection reconfiguration and grid-study reserves
  • Development-stage risk capital across portfolio projects
Role within the platform

Alzaro Reserve Fund III Role

Alzaro Reserve Fund III is a support vehicle, not a project-investment fund. It reserves capital against development, construction, and regulatory contingencies that arise 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