Silver Lake, Soros Fund team for clean energy vehicle
Tech-focused Silver Lake has partnered with Soros Fund Management to launch a clean energy fund - Silver Lake Kraftwerk – which will make investments out of the PE firm’s Silicon Valley and China offices. The size of the fund has not been disclosed.
According to Silver Lake, Kraftwerk will provide growth capital to businesses in the energy and resource sectors. The fund will be led by Foundation Capital's Adam Grosser, who was at the VC firm for 10 years as General Partner. The fund will additionally add Cathy Zoi to its team in April. She joins from the Obama administration, where she was Acting Under Secretary for Energy and Assistant Secretary for Energy Efficiency.
"There are many parallels between the development of the technology sector and the innovation that is occurring in the energy and resource sectors today," Greg Mondre, Managing Director of Silver Lake, said in a statement. "We have been actively planning our expansion for some time, and believe that Adam Grosser's formidable expertise and vision combined with Silver Lake's global investment platform will offer the companies we invest in a compelling partner to grow their businesses, both in developed and emerging markets."
The news comes months after Silver Lake completed its first cleantech deal in China, investing in Shanghai-based Nobao Renewable Energy Holdings for an undisclosed amount in October.
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