We learn that cleantech-focused private equity fund, NewWorld Capital Group, launched last fall by former Mckinsey and Company Director Carter Bales, is close to announcing a series of inaugural investments.
The investments are club deals directly supported by the firm’s founding partners as well as a couple of outside investors and would support at least two companies in the energy efficiency space, an industry source tells G.E.R.
Our source says the investments in the two energy efficiency companies, which he declined to name, have not been finalized but are expected to be north of $50 million.
New York-based New World Capital is also considering investing in two companies in the waste management and water treatment space.
NewWorld still plans to raise an initial $100 million fund but which, as we’ve reported, could grow to $500 million depending on investor appetite. The money will support companies in the clean energy and energy efficiency space as well as companies involved in waste management environmental services and water.
The fund is not looking to invest in startups but in companies that have revenues, proven products and clients.
At McKinsey Bales founded the firm’s environmental practice. He launched NewWorld Capital last fall with Bradley Abelow, former chief of staff to New Jersey Gov. Jon Corzine and a Goldman Sachs veteran; Bill Hallisey, who joined from GSC Group; Ali Iz, who came from CMEA Capital and Everett Smith, who was a managing director with New Energy Capital.