SER Capital Closes Debut Fund

SER Capital Closes Debut Fund

SER’s new fund has already invested nearly $220 million in four companies in the battery storage, EV charging infrastructure, energy efficiency, and solar sectors

SER Capital has held a final closing of SER Capital Partners I LP with an aggregate $475 million of capital.

SER’s inaugural fund closed above target and is backed by a range of limited partners including endowments, state pensions, insurers, health systems, and family offices.

SER is a middle-market private equity firm that invests in sustainable industrial, environmental, and renewable businesses that are headquartered in North America. In fact, the firm’s name stands for sustainable, environmental, and renewable.

SER, led by its four partners Rahul Advani, Sara Graziano, Christopher Smith and Rhem Wooten, was founded in 2018 and is headquartered in Redwood City, California. Over the past decade, SER’s partners have been active in its targeted sectors as both private equity investors and senior executives at both private and public businesses.

“We collectively built SER to meet the critical market need for an experienced and aligned private investment firm dedicated to sustainable, environmental, and renewable sectors,” said Mr. Advani. “We are committed to economically meeting the burgeoning customer demand for decarbonized, distributed, digitized, and electrified solutions.”

SER’s new fund has already invested nearly $220 million in four companies that implement and manage battery storage, EV charging infrastructure, energy efficiency, and solar assets. These four investments include Armonk, New York-based Brightcore Energy (August 2021); three Texas-based energy storage project companies with 30 MW of storage capacity that were acquired from Austin-based HGP Storage (September 2020); MicroGrid Networks, a Brooklyn, New York-based operator of distributed clean-energy power facilities (August 2020); and Perfect Power, a Stamford, Connecticut-based acquirer, developer, and operator of battery-based energy storage assets (January 2020).

“Looking ahead, we see a myriad of compelling investment opportunities that move us beyond legacy industrial processes heavily reliant on fossil fuels and subject to extreme commodity volatility – including those benefitting from the supportive patchwork of local, state, regional and recently expanded federal policies,” added Mr. Advani. “Importantly, we are enthusiastic about our ability to invest in teams, businesses and assets that are poised to deliver attractive returns and protect our energy security and climate future.”

Metric Point Capital provided placement agent services to SER on this fundraise and DLA Piper provided legal services.

© 2022 Private Equity Professional | September 16, 2022

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