Herbert Smith Freehills has advised the Clean Energy Finance Corporation (CEFC) on its A$80 million equity investment in the Adamantem Capital Fund II (Fund), which is the CEFC’s first investment in private equity.
Importantly, the Fund will establish an Emissions Reduction Committee that will work with the CEFC to develop and oversee the emissions reduction pathways of the Fund’s portfolio companies. The A$700 million+ Fund targets mid-market companies, with a focus on consumer staples, healthcare and business-to-business services. This investment enables the CEFC to bring focus to the sustainability profile of a significant part of the Australian economy.
The Herbert Smith Freehills team was led by partner Fiona Smedley and senior associate Yorick Ng.
Yorick Ng said, “Congratulations to the CEFC on this landmark investment. The CEFC’s investment in the Adamantem Capital Fund II marks yet another success for the CEFC towards achieving emissions reduction across Australia’s economy.
“We are proud to have facilitated the CEFC’s first investment in private equity and look forward to continuing to assist the CEFC to achieve its goals.”
Fiona Smedley added, “We are delighted to continue our collaborative relationship with the CEFC. We are so proud to have worked with the CEFC on this matter and to have been part of a transaction that drives emissions reduction in the Australian economy.”
Herbert Smith Freehills has advised the CEFC across a range of transactions in the past, including in Macquarie Infrastructure and Real Asset’s infrastructure platform, Mirvac’s build-to-rent club, the Australian Renewables Income Fund, the Morrison & Co Growth Infrastructure Fund and the Investa Commercial Property Fund.