Seraya Partners, an Asia-based independent private equity fund specialising in next-generation infrastructure, has officially concluded its inaugural fund, “Seraya Partners Fund I.”
The fund reached its final close at $800m, exceeding its initial target of $750m, inclusive of co-investments.
The primary focus of the Asia-based and industry-specific fund is on next-generation infrastructure, with a particular emphasis on energy transition and digital infrastructure platforms enabled by technology. This mid-market-focused initiative is dedicated to supporting the region’s transition to a net-zero environment while expediting the adoption of clean and sustainable energy solutions.
Seraya Partners managing partner and CIO James Chern said: “Asia’s rapidly expanding cities, intensifying climate change, and aging infrastructure have created a pressing need to address the region’s burgeoning trillion-dollar infrastructure gap. Energy transition and digital infrastructure will be the twin engines to bridge this gap and lead us toward net-zero ambitions.
“We are deeply grateful for the support and confidence our investors have placed in us to address the infrastructure gap. We are committed to creating value for our investors while building a more sustainable future for Asia.”
According to the Asian Development Bank (ADB), an estimated $1.7 trillion needs to be invested annually in infrastructure across Asia until 2030 to meet the existing demand. Seraya Partners strategically identifies supply and demand gaps within the energy transition and digital infrastructure space. The fund has made substantial progress in deployment, with 50% of its funds already allocated to the following three platforms:
1. Empyrion DC: Asia’s pioneer green data centre operator, Empyrion, focuses on highly energy-efficient hyperscale and colocation data centres. The company operates and develops projects across multiple markets, including North and Southeast Asia, utilizing renewable energy to power its facilities.
2. Cyan Renewables: The first pure-play offshore wind farm vessel operator in Asia, Cyan Renewables, owns and leases specialised vessels supporting all phases of offshore wind farm projects. Cyan aims to address the shortage of vessels serving offshore wind farms and plans to own and operate a $1bn portfolio of vessels by the end of 2025.
3. Astrid Renew: Engaged in developing cutting-edge solar, wind, and energy storage solutions, Astrid Renew collaborates with multinational corporates committed to RE 100 goals, as well as local power utilities and regulators.
Seraya Partners Fund I has garnered commitments from global institutional investors, including sovereign wealth funds, pension funds, insurers, and family offices across North America, Europe, and the Asia-Pacific region.
Notable limited partners (LPs) include the Asian Infrastructure Investment Bank (AIIB), Alberta Investment Management Company (AIMCo), and funds and accounts managed by BlackRock.
The experienced team at Seraya Partners will persist in building existing platforms and identifying new investment opportunities within Fund I.
Recognising the significant fragmentation and complexity in the Asia infrastructure market, the team leverages its operational experience and sector expertise to actively own, build, and develop these platforms. The fund anticipates that this approach will drive attractive returns in the mid to high teens.
AIIB banking department (Region 1) director general Dong-ik Lee said: “AIIB’s investment in Seraya Partners shows its commitment to support Asian infrastructure asset managers. It is well-aligned with AIIB’s mission of financing infrastructure for tomorrow.
“This investment demonstrates AIIB’s commitment to reducing bottlenecks in the infrastructure supply chain through innovative technologies such as offshore wind farm vessels. AIIB looks forward to working with Seraya Partners to unlock new technologies and new ways to address climate change and to better connect Asia and the world digitally.”
