QIC a long-term specialist manager in alternatives with over US$58 billion under management[1], today announced the closing of QIC Global Infrastructure’s equity investment in Generate, the leading U.S. investment and operating platform for distributed sustainable infrastructure. The investment is part of Generate’s announced capital raising of more than US$1 billion to fund the continued expansion of the Generate platform, including growing its fleet of decentralized and sustainable infrastructure solutions for its growing network of partners and customers.
Ross Israel, Head of QIC Global Infrastructure, will join the Generate Board of Directors.
Mr. Israel said, “Our thematic-based investment strategy has highlighted strengthening trends over many years in infrastructure decentralization and sustainability, particularly in North American markets. We are delighted to partner with Generate whose customer-centric business model, depth of sector expertise, and pioneering vision position it uniquely as a leading infrastructure platform to harness these trends. We look forward to continuing to support Generate’s growth while pursuing additional thematic infrastructure investment opportunities in the North American market.”
Scott Jacobs, CEO and Co-Founder of Generate, commented, “This investment represents a significant milestone in the continued growth and development of our platform. QIC Global Infrastructure is an outstanding partner that shares not only our vision and values but also our conviction that we need to play an active role to ensure that we do more with less of our critical resources like energy, water, food, and materials.”
Arash Shojaie, QIC’s Energy & Utilities Sector Leader for North America effective June 2020, said, “This investment is an important step for QIC Global Infrastructure as we continue to expand our U.S. infrastructure platform and local investment team based in New York. There are attractive opportunities in energy, utilities and telecommunication infrastructure in the U.S. market, which we are dedicated to crystalizing for our global clients.”
Based in San Francisco, CA, Generate builds, owns, operates and finances sustainable infrastructure that delivers affordable and reliable resource solutions for companies, governments and communities. Founded in 2014 by renewable energy industry visionaries Scott Jacobs, Jigar Shah and Matan Friedman, Generate currently has more than 25 technology and project development partners and serves more than 400 companies, universities, school districts, cities and non-profits across North America.
By partnering with leading project developers and technology companies, Generate has established market leadership in many emerging infrastructure asset classes including battery storage; community, commercial and industrial solar; energy efficiency; electric vehicles; fuel cells; wastewater treatment; distributed desalination; and organic waste management.
QIC Global Infrastructure has a growing portfolio of assets in the U.S., including CampusParc at The Ohio State University and MasParc and Mobility LLC at Northeastern University, companies implementing innovative and customer-led transportation technologies and mobility services for the future. It also owns, on behalf of its clients, a 40% stake in Long Beach Courthouse in Long Beach, California.
Barclays served as exclusive financial adviser and Milbank as exclusive legal adviser to QIC on the transaction.
QIC is a long-term infrastructure investor with an established global platform, an active management approach and a proven, 14-year track record. With a global team of more than 40 professionals across 5 offices, QIC Global Infrastructure manages c. A$15 billion (c. US$10 billion) across 19 global direct investments and has realised a further A$7.2 billion (US$5.1 billion) of investments for its clients2. Its sector centric and thematic based investment strategy deconstructs risk across sector value chains identifying relative value for investment across market cycles. This drives a targeted origination approach, enabling the firm to build diversified portfolios for its clients.
As at 31 December 2019. USD values converted using 31 December 2019 FX rates.
QIC is a long-term specialist manager in alternatives offering infrastructure, real estate, private capital, liquid strategies and multi-asset investments. It is one of the largest institutional investment managers in Australia, with A$83 billion (US$58 billion) in funds under management3. QIC has over 1000 employees and serves more than 110 clients. Headquartered in Brisbane, Australia, QIC also has offices in Sydney, Melbourne, New York, Los Angeles, Cleveland, San Francisco, London and Copenhagen. For more information, please visit: www.qic.com
QIC Media Contact:
Caroline Gentile
CNG Consulting LLC
T: (917) 692-5730
E: caroline@carolinegentile.com
QIC Limited ACN 130 539 123 (“QIC”) is a wholesale funds manager and its products and services are not directly available to, and this document may not be provided to any, retail clients. QIC is a company government owned corporation constituted under the Queensland Investment Corporation Act 1991 (Qld). QIC is regulated by State Government legislation pertaining to government owned corporations in addition to the Corporations Act 2001 (Cth) (“Corporations Act”). QIC Private Capital Pty Ltd (“QPC”), a wholly owned subsidiary of QIC, has been issued with an AFS licence and other wholly owned subsidiaries of QIC are authorised representatives of QPC. QIC’s subsidiaries are required to comply with the Corporations Act. QIC does not hold an Australian financial services (“AFS”) licence and certain provisions (including the financial product disclosure provisions) of the Corporations Act do not apply to QIC. QIC also has wholly owned subsidiaries authorised, registered or licensed by the United Kingdom Financial Conduct Authority (“FCA”), the United States Securities and Exchange Commission (“SEC”) and the Korean Financial Services Commission.
For more information about QIC, our approach, clients and regulatory framework, please refer to our website www.qic.com or contact us directly.
The statements and any opinions in this document (the “Information”) are for commentary purposes only and do not take into account any investor’s personal, financial or tax objectives, situation or needs. The Information is not intended to constitute personal legal or investment advice and it does not constitute, and should not be construed as, an offer to sell or solicitation of an offer to buy, securities or any other investment, investment management or advisory services.
[1] As at 31 December 2019