Investment Fund 27 · 2028 Vintage · Growth III

Growth III


Growth equity into scaling operators and platforms. — 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

Growth equity into scaling operators and platforms. 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

  • Growth-stage renewable energy platforms and developers
  • Scaling operators with contracted project pipelines
  • Balance-sheet and platform-level growth capital
  • Multi-market expansion and origination capacity building
Sample deal profile

Scaling Distributed Storage Developer

A growth investment in a distributed battery storage development platform with a contracted project pipeline, providing balance-sheet capital to scale origination, permitting, and construction capacity across multiple markets.

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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