GDEV Management Announces Over $200MM of Fund II Capital Commitments to Scale Distributed Energy Platforms Across North America
Total AUM approaches $400 million as firm expands leading position in middle-market sustainable infrastructure
NEW YORK, Aug. 27, 2025 (GLOBE NEWSWIRE) -- GDEV Management, LLC (“GDEV”), a leading middle-market specialist in distributed energy resources, today announced it has secured more than $200 million in capital commitments to its second flagship fund (“Fund II”). Limited Partners include a large Canadian pension plan and multiple U.S. insurance companies.
GDEV’s Fund II represents a continued focus on the firm’s strategy of building and scaling distributed energy resource (DER) platforms into mature infrastructure businesses that, in turn, deploy and operate long-term, high-value assets. Its portfolio, which has brought over 330 MW of new energy generation and 260 MWh of energy storage capacity online across North America, has largely been deployed behind the meter. Often linked to retail prices, these assets circumvent the need for lengthy permitting and interconnection processes, leading to attractive, inflation-linked returns and faster deployment timelines.
Since its inception, GDEV’s strategic positioning, deep industry expertise, and flexible capital solutions have enabled the firm to navigate dynamic policy and market environments on behalf of its strong investor base. GDEV has created a strong track record, including transactions with leading global investors, such as Apollo Global Management, Ares Management, Sumitomo Corporation of Americas, and OIC. This disciplined focus continues to yield support from institutional investors that have seen GDEV’s ability to identify, scale, and institutionalize distributed infrastructure platforms in established and evolving markets.
“Over the past five years, our focus on distributed generation, energy reliability, and retail rate-linked revenue models has remained steadfast, even as markets and legislation experience volatility. For our businesses and investors, this thesis serves as a solid foundation for growth in a rapidly evolving market,” said Benjamin Baker, Managing Partner at GDEV.
GDEV launched Fund I in 2020, investing across ten platforms primarily focused on behind-the-meter and on-site generation infrastructure. Notable transactions include:
- The sale of Commonwealth Energy Partners to Perennial Power Holdings, a Sumitomo subsidiary;
- Relevate Power’s partnership with Apollo Global Management, which enabled its acquisition of Gravity Renewables; and
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Sunrock DG’s partnerships with CleanCapital and Nelnet, which have helped capitalize the roll-out of its growing rooftop solar pipeline.
Fund II has already made seven platform investments. The fund’s portfolio includes low-carbon infrastructure advisory and engineering firm Nexus PMG, utility-scale energy storage developer Lightshift Energy, and multi-family EV charging owner and operator 3V Infrastructure. The commitments to Fund II further position GDEV to capitalize on untapped opportunities for middle-market investments in distributed energy infrastructure.
“Looking ahead to the future of the GDEV franchise, we remain positive and committed to our strategy, knowing that we are well-positioned to apply our policy-agnostic approach to scale even faster, amid evolving regulatory environments,” concluded Baker.
About GDEV Management, LLC
GDEV Management, LLC is a middle-market infrastructure private equity business that invests in high-growth sustainable infrastructure companies across sectors including renewable energy, energy efficiency, grid infrastructure, transport and sustainable fuels. GDEV Management, LLC is affiliated with Greenbacker Capital Management, LLC, an SEC-registered investment adviser.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. GDEV undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in its expectations. Additionally, past performance is not a guarantee or indicator of future results.
Disclaimers
Portfolio Company data is based on self-reporting per respective portfolio company as of 12/31/24. Represents all portfolio companies, including both exited and currently in portfolio, as of 12/31/24 or at time of exit. Exited portfolio companies data are excluded from project pipelines and scope emissions.
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