Chicago, Illinois, January 20, 2016
Global Infrastructure Asset Management (“GIAM” or “the Company”) announced today new developments involving the company and the Geo Investors Renewable Infrastructure Fund I, LP in which it acts as General Partner.
The Company announced that it had exited two of its original three investments in renewable infrastructure projects and intends to complete the exit of its final project investment in the second half of 2016 and to wind down the operation of the Fund by the end of 2016.
The Company also announced that Clay Norrbom, Co-Founder and Managing Director of GIAM, resigned from the Company and has assumed a position with Juhl Energy, Inc., a former portfolio company of the Fund. “Over the last five years, we believe that we have tested and verified our investment thesis,” stated William Fitzgerald, Co-Founder and Managing Director of the Company. “We succeeded in identifying unique opportunities to invest in small scale infrastructure projects and companies that are poorly served by the financial market. These companies need support in developing business process, human capital and financial capacity, which Global Infrastructure Asset Management has provided through the efforts of its partners. We will continue to identify small infrastructure companies that have unusual technical expertise so that we may finance their projects and assist them with their corporate development.”
Describing Mr. Norrbom’s departure from the Company, Mr. Fitzgerald states “We believe that GIAM’s model of investing is necessary and relevant to small scale infrastructure, but that the funding model of raising third-party blind pool funds is both too expensive for investors and too difficult for effective deployment of capital. Until we find a more effective investment model, we believe it is best to individually apply our knowledge and skills with small-scale infrastructure. We remain interested in identifying suitable investment opportunities on which we will collaborate.”
In addition, the Company announced that in order to eliminate potential conflicts of interest, it will redeem the membership interests of partners. At the conclusion of these transactions, Mr. Fitzgerald will be the sole member and owner of the Company.
About Global Infrastructure Asset Management LLC
Global Infrastructure Asset Management is a company founded in 2008 to invest in privately-owned infrastructure projects. It is the General Partner of the Geo Investors Renewable Infrastructure Fund I, LP, which commenced operation in 2011. Its office is located in Chicago, Illinois.
Global Infrastructure Asset Management LLC