• Climate Transition Capital

    CTC Acquisition I

    2021 to 2023

    A novel investment vehicle for climate finance

    A listed acquisition vehicle was an unusual route to finance energy transition assets, and the capital had to be raised against a mandate rather than a target. We co-founded the business and built the investor proposition, with ABN AMRO as global coordinator, and Barclays and Morgan Stanley as joint bookrunners. It listed a €190m special purpose acquisition company on Euronext Amsterdam in June 2021, during the brief European SPAC window, and we invested our own capital alongside the investors we brought in. We ran investor relations through the vehicle’s two-year term while the team pursued a transaction. None completed, and the capital was returned to investors.

  • Aristata Capital

    Impact Litigation Fund I

    2019 to 2023

    Creating a new impact asset class

    Litigation finance with an impact mandate was a strategy for which no institution had a category. The obstacle was the cost of getting comfortable with an unfamiliar asset class at all, rather than the return on offer. The work was to build the investment case, the evidence base and the governance to a standard that would survive an investment committee meeting the asset class for the first time. We facilitated a strategic investment from Capricorn Investment Group in 2020, which anchored the raise. The fund held a £40m first close in 2022 and closed at £52m in 2023.

  • Dolma Fund Management

    Dolma Impact Fund II

    2019 to 2022

    Institutional capital for a frontier market

    Nepal had almost no institutional private capital, and no track record that an international investment committee would recognise. The work was to establish which of the perceived risks were binding, among country, currency, exit and governance, then to build an evidence base and a structure that development finance institutions could underwrite first and commercial investors could follow. The fund closed at $72m against a $60m target, with the US Development Finance Corporation joining at second close and a $10m commitment from JICA at the final.

  • European Investment Bank

    GEEREF

    2012 to 2016

    Public capital that made private capital senior

    GEEREF invested in clean energy infrastructure funds across emerging markets, where the risk was priced beyond what most institutions could hold. The European Union, Germany and Norway committed €112m on a deferred return, taking a junior position so that private capital could rank ahead of them. Working within the European Investment Bank, Alex Murray led the global fundraise and brought in a matching €112m of private capital. The public tranche bought the private one a better ranking, and admitted investors who could not have held the risk unenhanced.