US private equity firm General Atlantic is buying a 24.9% stake in the manager of SDCL Energy Efficiency Income (SEIT), the renewable infrastructure trust in which it recently became the second-largest investor with a 12.2% stake.
Sustainable Development Capital (SDCL), which has assets under management of $2.5bn (£2bn), including the £933m listed portfolio, said that New York-based General Atlantic was taking the stake through its BeyondNetZero climate growth fund. The transaction should complete in a few months.
The BeyondNetZero fund backs growth companies delivering climate solutions with a focus on decarbonisation, energy efficiency, resource conservation and emissions management.