A consortium of 11 prominent families from across the US plans to invest $1.4 billion of private capital in cleantech companies over the next five years.
McNally Capital, LLC and Black Coral Capital announced the formation of the Cleantech Syndicate, which is said to represent families with a collective net worth in excess of $30 billion. The family names were not disclosed.
The Cleantech Syndicate was formed to enable its members to share capital, deal flow, knowledge and networks as they continue to invest in and support cleantech companies.
McNally and Black Coral say members of the Syndicate have already collectively invested over $1.2 billion into privately held cleantech businesses over the last five years. Investments include developers of utility-scale wind and solar generation facilities, solar technology companies, and owners/operators of large real estate properties and fleets of industrial vehicles looking to enhance efficiency.
"The Cleantech Syndicate is the first vehicle of its kind to fully tap into the collective expertise of multiple families," says Ward McNally, managing partner of McNally Capital. "By working together and sharing capital and investment opportunities, the Syndicate’s members can achieve exceptional scale and act cooperatively to accomplish their long-term investment objectives."
The Cleantech Syndicate is establishing a network of partners to support their efforts, including corporations, sovereign wealth funds, endowments and other parties interested in collaborating with them for knowledge, access and capital.
Later this year, the Syndicate plans to launch a European Cleantech Syndicate, as well as a U.S. co-investment vehicle that will allow selected non-Syndicate members to invest alongside members.
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