Magnetar Capital executives have launched a specialist investment firm focused on energy transition and infrastructure opportunities.
The spin-out, called Elda River Capital Management, brings around $1.5bn (£1.2bn) in private assets under management from Magnetar.
Elda River is led by co-manager partners Eric Scheyer and Adam Daley, former partners at Magnetar and co-heads of Magnetar’s energy and infrastructure business.
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All team members and operating partners of Magnetar’s energy and infrastructure business will be joining Elda River, including Elda River co-founders and partners Craig Rohr and Michael Dean, as well as executives Michael Wilds, Steve Settles and Courtney Kozel.
“We worked closely with our energy and infrastructure team to evaluate and successfully execute this transaction and believe that a fully independent alternative asset manager will enable opportunities to create additional value for all stakeholders,” said Dave Snyderman, Magnetar’s managing partner.
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Elda River said it will have a flexible investment approach targeting attractive risk-adjusted returns across multiple industry verticals, including renewables and power, energy and energy infrastructure, energy storage, industrial decarbonization and digital infrastructure.
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Its portfolio investments are a mix of debt and equity, according to its website.
“After nearly two decades at Magnetar, our team is excited to launch Elda River and we are grateful for the strong support of our investors,” said Scheyer. “Given our team’s experience and the unprecedented amount of capital required across the global energy and energy transition sectors, we believe that now is the ideal time to launch a pure-play investment platform.”
