NBIM Commits 900M Euros to Renewable Energy Fund

Copenhagen Infrastructure Partners CI V will invest in wind, solar energy, energy distribution and storage.



Norges Bank Investment Management, manager of Norway’s $1.7 trillion sovereign wealth fund, announced Monday that it would commit 900 million euros ($1 billion) to a renewable energy fund from Copenhagen Infrastructure Partners.

The fund, Copenhagen Infrastructure Partners’ CI V, is the fund’s fifth flagship fund and will invest across renewable energy, including offshore and onshore wind, solar farms, grid and distribution, and storage. Investments from the fund will be evenly split between Western Europe, North America and developed Asia-Pacific countries.

NBIM currently allocates approximately 0.1% of its portfolio, $1.876 billion, to a renewable energy infrastructure portfolio made up primarily of direct investments; NBIM’s commitment to CIP CI V is an indirect one. In June, NBIM took a $419 million stake in U.K.-based offshore wind project Race Bank.

“This agreement will enable us to invest in renewable energy projects in the development stage. The investment is a valuable addition to the portfolio we are currently building,” said Mie Holstad, CIO of real assets at NBIM, in a statement. “It will provide further investment possibilities and exposure to other parts of the value chain, as well as the opportunity to continue building knowledge and experience with new markets and technologies.” 

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Other investments in NBIM’s renewable energy infrastructure include a 49% stake in the Carrascosa, Muela Cubillo, and Puylobo wind farms in Spain, and a 50% stake in Borssele 1 & 2, offshore wind farms in the Netherlands. The fund also has a 16.63% stake in the He Dreiht wind farm in Germany.

“We have worked for a long time to map out the investment risks and non-financial risks and are pleased with our choice of CIP as a partner,” said Holstad. “CIP is an experienced industrial partner with a good reputation. Our evaluations have shown that CIP has created value for investors in an open and responsible way.”

Copenhagen Infrastructure Partners is one of the largest renewable energy asset managers in the world, with 28 billion euros in assets under management across 12 funds. CI V first closed in 2023 with 5.6 billion euros in commitments, with a target of 12 billion euros in commitments and potential commitments of 20 billion euros. CIP aims for its CI V fund to be the largest dedicated greenfield renewable energy fund in the world. 

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TMRS Appoints 3 New Private Market Leaders

Philip Hunter O’Brien, Amol Deshpande and Isidora Stankovic are joining the $40 billion Texas fund.

Philip Hunter O’Brien

The Texas Municipal Retirement System announced on Monday the hires of three new senior staff members to its private markets teams, some of the first senior hires made by CIO Yup Kim since his appointment in December 2023. 

Philip Hunter O’Brien was named managing director and head of private equity. O’Brien previously led direct private investments in technology at Caisse de dépôt et placement du Québec, based in New York. He previously led the North American private investment practice for the Abu Dhabi Investment Council. He earned a bachelor’s degree from Princeton University and an MBA from Columbia Business School. 

Amol Deshpande

Amol Deshpande was appointed as managing director and head of direct investments and will serve as a member of the fund’s staff investment committee. Prior to TMRS, Deshpande was a managing director at Redesign Health and held roles at Soros Fund Management, Luminus Management and JLL. He earned a bachelor’s degree in applied mathematics, economics and finance from Northwestern University.  

Isidora Stankovic

Isidora Stankovic will join TMRS as director of private equity. Prior to TMRS, she was on the private equity team at London-based Searchlight Capital Partners. She was also a private equity associate at BC Partners and an investment banker at Goldman Sachs. She earned a bachelor’s degree in economics and history from Yale University.  

“I am incredibly excited to partner with Philip, Amol and Isidora to strengthen our global partner relationships, amplify our direct investment capabilities and take the private markets program to new heights on behalf of TMRS’ many members, retirees, and beneficiaries,” said Kim in a statement. 

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TMRS managed $40.486 billion in assets, as of March 31, and allocates $4.6 billion to private equity, approximately 11.5% of the fund. The fund manages the investments for more than 210,000 beneficiaries.  

Over the past one, three, five and 10 years through March 31, TMRS has returned an annualized 11.62%, 6.05%, 7.19% and 6.38%, respectively. 

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