Macfarlanes has advised Octopus Energy Generation and Carne Global Fund Managers (UK) Limited on the launch of a non-UCITS retail scheme fund of alternative investment funds (NURS FAIF).
Octopus Energy Generation, part of the Octopus Energy Group, is a London-based leading specialist energy transition and renewable energy investment manager that invests in renewable energy operating and construction assets, development projects, developers and broader projects and companies relating to energy transition.
Carne Group is Europe’s largest independent third-party fund management company.
The new fund, named the CG Octopus Energy Generation Sustainable Growth Fund I (the Fund), is intended for investment by UK defined contribution (DC) and defined benefit (DB) pension schemes as well as private wealth investors and aims to provide investors with long-term capital growth over rolling five-year periods. The Fund utilises Octopus’ commitment to, and expertise in, sustainability, adopting the FCA’s Sustainability Focus label and offering exposure, via unlisted private market investments and listed securities, to long-term solutions that mitigate or enable the mitigation of climate change and its effects by investing in renewable energy infrastructure, energy transition infrastructure, energy transition technologies, and resource efficiency technologies, products and services.
The Fund will receive an initial seed funding of £165m from a cornerstone investor and then target existing relationships within the DC and DB pensions market, supported by net zero commitments and a drive to increase private market focus.
The Macfarlanes team was led by Investment Management Partner Lora Froud with assistance from Associate Harry Middleton.