Alzaro Energy
Investment Strategy

Contracted. Dispatchable. Compounding.

We build durable energy infrastructure by underwriting cash flows first, backing operators who deliver, and compounding ownership of long-lived assets.

Pillars

Three disciplines

Contracted

Cash flows before upside

We underwrite to long-dated, investment-grade offtake — power-purchase agreements, tolling arrangements, capacity contracts, and cost-of-service structures. Inflation-linked, contracted revenue is the foundation; merchant exposure is sized, risk-limited, and deliberate.

Operator-Led

Teams that build

Each fund is anchored by principals who have developed and delivered energy assets. Energy projects die in permitting, not engineering — so we staff for interconnection, land, offtake, and construction management from day one.

Compounding

Own and hold

We own durable infrastructure with multi-decade lives and reinvest disciplined cash flow. We size each fund to the durability of its cash flows, not the appetite of the moment.

Process

How capital moves through Alzaro

1

Origination

Operator teams source assets with secured land, queue position, and credible offtake counterparties within our sector mandates.

2

Underwriting

We stress-test contracted revenue, interconnection risk, construction plans, and counterparty credit before any capital is committed.

3

IC Approval

The Investment Committee approves each deployment against strict return, risk, and concentration limits.

4

Development & Delivery

Operating teams manage permitting, interconnection, and construction to hit the commercial-operation date promised.

5

Ownership

Assets are operated for durable cash yield, with active asset management and performance monitoring.

6

Compounding

Disciplined cash flow is reinvested and portfolios are optimized to compound long-term returns.

Discipline

What we will not do

No uncontracted merchant betsWe do not build the thesis on merchant price speculation. Merchant exposure is limited and explicitly risk-managed.
No permitting gamblesWe do not underwrite assets whose permitting or interconnection path is unproven.
No off-mandate driftEach fund invests within its sector mandate. We do not chase deals outside the team's operating expertise.
No unpriced counterparty riskOfftake counterparties are underwritten for credit. We do not assume creditworthiness.
No overpaying for scaleConcentration follows conviction. We do not deploy to hit a size target.
No opaque structuresDelaware LPs, third-party administration, and independent audit. We do not obscure terms.
Targets

Platform objectives

14.0%
5-Yr Target IRR
1.92x
5-Yr Target MOIC
8%
Preferred Return
20%
Carry (100% catch-up)

This strategy is applied consistently across both of Alzaro’s vintages — the 2026 vintage of fourteen sector-focused vehicles and the 2028 vintage of twenty-three vehicles spanning the Core, Core-Plus, Value-Add, Growth, Opportunistic, and Special Situations strategy spectrum — underwritten to the same discipline regardless of vintage year.

Talk to our investor relations team

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

Contact Investor Relations