North Sky makes impact infra secondaries hire

The firm acquires limited partnership interests in impact and ESG funds, among other strategies.

North Sky Capital, a Minneapolis-based firm focused on renewable energy and impact investment, has hired a fundraising specialist to focus on impact secondaries and clean energy infrastructure.

Andrew Harris, who has worked on approximately 50 fundraising campaigns, joined the firm as a principal.

Most recently senior vice-president at Threadmark, a placement agent specialising in raising capital for real asset funds in North America and Europe, Harris will be based in North Sky’s recently opened New York office and will report to the firm’s chief executive, Scott Barrington.

“He is in charge of fundraising for our two business lines: impact secondaries and clean energy infrastructure,” Barrington told sister publication Infrastructure Investor.
The firm’s two private investment strategies comprise six funds with a combined total of $1.2 billion in capital committed by pension plans, endowments, foundations and family offices.

North Sky’s latest fund – Clean Growth Fund IV, launched in November 2016 – is part of the impact secondaries business line, through which the firm acquires limited partnership interests in impact/ESG funds, often at a significantly discounted price. According to Barrington, the fund, which is broadly diversified across food, energy, transportation, water, resource efficiency, health and education, with investments in the US, Canada, Europe and Asia, has made eight secondary investments. An additional eight are under letter of intent and will close on 30 September, resulting in the vehicle’s full deployment.

One of the firm’s clean energy-focused funds, Alliance Fund II, is approximately 75 percent deployed or reserved for investment. Targeting investments in the US and Canada, the $240 million vehicle has “made 11 investments so far across solar, wind, hydro, efficiency (PACE financing for retrofits) and energy storage”, Barrington said.