Neos Partners Raises $1.37 Billion Fund II to Invest in the Energy Transition and Critical Infrastructure Sectors

Press Release

November 21, 2024 08:30 AM Eastern Standard Time

SAN DIEGO--(BUSINESS WIRE)--Neos Partners (“Neos”), an investment firm focused on second-order investing in the energy transition and critical infrastructure sectors, announced today the closing of Neos Partners II (“Fund II”) with $1.37 billion of commitments. Neos also closed a $350 million committed co-investment vehicle alongside Fund II.

Fund II closed at its hard cap and received commitments from leading endowments, foundations, investment managers, family offices, and other institutional investors. The fund will invest in operating companies in North America that provide products and services to the renewable energy, power grid, infrastructure, data center, and energy-intensive industrial sectors.

Neos was founded by Peter Jonna and Brad Forth, both degreed engineers who have spent their entire careers operating and investing in the energy transition and critical infrastructure sectors. They have worked together for over a decade investing in product and service companies in these sectors. The broader Neos investment team includes professionals with diverse backgrounds in M&A, financing, research, strategy, growth, and operations. Neos also has a dedicated team of senior advisors who are industry leaders that support strategic and commercial initiatives across its portfolio companies.

"We are grateful for the strong support from our institutional investors. We are also proud of the backing from our industry network who anchored our first fund and today has grown to over 100 founders, executives, and advisors who have committed more than $260 million to our funds," said Peter Jonna, Managing Partner at Neos. “We believe this is a very favorable time to invest in our target markets. We look forward to leveraging our industry network and sector focus to continue partnering with founders and executives to drive step-change growth in their businesses.”

Fund II is a successor to Neos Partners I (“Fund I”), which has $830 million of commitments. To date, Fund I has invested in the following companies: BBC Electrical Services, FastGrid, MGM Transformers, Mill Creek Renewables, PwrQ, RMS Energy, and States Manufacturing.

UBS served as financial advisor and exclusive placement agent. Latham & Watkins LLP and Weil, Gotshal & Manges LLP served as legal counsel.