Latest news with #CIV
Mint
20-05-2025
- Business
- Mint
Sebi's co-investment proposal gets fund manager backing, but lawyers flag legal gaps, tax risks
The market regulator's proposal to allow co-investments within the alternative investment funds (AIF) framework—through a new co-investment vehicle (CIV)—has received broad support from fund managers. But lawyers warn of legal ambiguities, tax risks, and rigid exit conditions that could undermine its effectiveness. The 9 May proposal by the Securities and Exchange Board of India (Sebi) seeks to replace the current portfolio management services (PMS)-based co-investment route with a more streamlined approach. Under this, CIVs will have distinct PAN, bank, and demat accounts, and be exempt from some AIF-related rules (such as sponsor commitment and diversification) when co-investing in a single company with the main AIF. Under the current setup, co-investments must route through PMS entities, requiring a separate license, duplicative compliance, and different exit and governance terms—often complicating deal execution and cap table management. By contrast, CIVs would keep co-investments within the AIF ecosystem, allowing for pooled governance, unified documentation, and faster execution. Fund managers hailed the move as long overdue. Puneet Sharma, CEO and fund manager at Whitespace Alpha, called it 'a practical and much-needed upgrade." 'It removes a lot of the operational clutter we previously had to deal with through PMS or SPV routes. This setup brings clarity for us as managers and for our investors," he added. Also read: Sebi bars Varyaa Creations from markets, halts Inventure's fresh IPO mandates Exit worries and tax trouble Despite the optimism, legal experts flag several concerns—starting with investor exits. 'Co-investors coming via CIV could not have an option of remaining invested after the tenure of the AIF ends or exiting earlier," said Vinod Joseph, partner at Economic Law Practice. He also flagged uncertainty around Sebi fees and limitations on fundraising due to the accredited investor restriction. Ketan Mukhija, senior partner at Burgeon Law, said the legal architecture of CIVs may not hold up well in conflict scenarios. 'The CIV structure legally balances segregation and pooling, but its reliance on contractual terms over statutory safeguards leaves ambiguity in enforcing co-investor rights during disputes." He warned that tax issues may arise too. 'Tax risks loom if authorities view coordinated CIV-AIF investments as an AOP, stripping pass-through benefits and triggering double taxation", he added. Also read: Why fractional real estate platform Strata surrendered its Sebi licence Compliance gains, but admin costs stay While CIVs do reduce regulatory duplication, they come with their own administrative load. 'Each CIV needs a separate PAN, demat, bank account—adding admin burden, especially for decision makers or general partners," said Brijesh Damodaran Nair, managing partner at Auxano Capital. He added that rigid lock-ins may discourage large co-investors unless some flexibility is introduced. 'GPs must be able to set allocation caps or differentiated economics." Relaxing advisory rules The proposal also opens the door for AIF managers to offer advisory services on listed securities—currently prohibited to prevent conflicts of interest. Sebi is considering relaxing this ban for actively traded stocks but warned of manipulation risks in thinly traded securities. 'This modernizes the framework but raises concerns unless Sebi mandates real-time position disclosures and stricter Chinese walls," said Mukhija. Sharma supported the move to restrict CIVs to accredited investors, noting it ensures only sophisticated investors participate in high-risk co-investments. 'Over time, as the structure matures, there may be room to revisit and make it more inclusive," said Sharma. Experts, however, noted that the current accreditation process could use reform. 'They could benefit from simplification," said Divaspati Singh, partner at Khaitan & Co. 'For the proposed co-investment framework to be truly effective and widely adopted, easing or streamlining the accreditation requirements could be a constructive step forward," Singh added. Sharma also noted that the tax environment is gradually improving. 'Category I and II funds already enjoy pass-through status. CIVs under Category III should benefit from similar treatment if structured right." Srikanth Subramanian, CEO and co-founder of Ionic Wealth, emphasied CIVs would ease operational burdens by eliminating the need for separate PMS setups. 'This approach also helps prevent conflicts of interest by synchronising timelines and decision-making between the main fund and co-investors," he said. 'It brings Indian AIFs closer to international standards." Also read: Sebi seeks to streamline QIP disclosures but experts flag legal hurdles Sebi has invited public feedback on whether CIVs should fully replace PMS-based co-investment structures, and how to address exit flexibility, governance guidelines, and taxation clarity. The deadline for public comments is 30 May.
Yahoo
12-05-2025
- Business
- Yahoo
CIP to sell 10% stake in Taiwan's Fengmiao I offshore wind farm to MOL
Copenhagen Infrastructure Partners (CIP), through its fund Copenhagen Infrastructure V (CI V), has reached an agreement to sell a 10% stake in the 495MW Fengmiao I offshore wind farm in Taiwan to Mitsui O.S.K. Lines (MOL). The Fengmiao I offshore wind project, situated off the coast of Taichung County, achieved financial close in March 2025. The construction of the project is under way, with an anticipated completion date by the end of 2027. The project is financed through a mix of equity and senior loans supported by international and Taiwanese banks, export credit agencies and Taiwan's National Credit Guarantee Administration. Initiated in 2020, Fengmiao I is CIP's third offshore wind venture in Taiwan. The project secured site exclusivity and grid allocation in Taiwan's Round 3.1 auction in December 2022. Upon completion, Fengmiao I will provide clean energy to six major local and international energy consumers in Taiwan, which have committed to long-term power purchase agreements for the wind farm's full capacity. CIP partner and head of Asia-Pacific Thomas Wibe Poulsen said: 'We are delighted to welcome MOL as co-investor in Fengmiao – and I am confident that we together will bring a project of the highest standards to commercial operation. The transaction recognises the value created by CIP during the development phase as well as CIP's strong offshore wind track record in Taiwan.' MOL, a Japanese shipping giant operating around 900 vessels globally, has joined as a co-owner alongside CIP's fifth flagship fund, CI V. The fund focuses on investments in the energy transition, including wind, solar PV, and battery storage in low-risk OECD countries across Europe, North America, and Asia Pacific. CI V has already committed 60% of its capital to six final investment decisions (FIDs), demonstrating swift capital deployment and early value creation within the fund's lifespan. The transaction is currently pending customary closing conditions, including filing for Foreign Investment Approval and filings with the Ministry of Economic Affairs in Taiwan. Post-transaction, CI V will maintain its position as the controlling shareholder and operator of Fengmiao I. BNP Paribas served as the financial advisor, while White & Case provided legal counsel to CIP for this transaction. "CIP to sell 10% stake in Taiwan's Fengmiao I offshore wind farm to MOL" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
National Post
29-04-2025
- Business
- National Post
CIV Launches with $210M Fund to Back and Build Companies Reshaping Critical Industries
Article content Article content VENICE BEACH, Calif. — CIV, an investment firm focused on backing and building transformative companies reshaping critical industries, today announced the close of its inaugural CIV Fund One. The fund is oversubscribed with more than $210 million in capital commitments. Article content 'The defining companies of this century will reimagine the systems that underpin our economy and society.' Article content Founded by seasoned entrepreneurs and investors, CIV operates on the principle that civilization advances through bold technological innovation. CIV Fund One targets a projected $70 trillion U.S. market opportunity by 2050* for ongoing industrial transformation, strategically responding to critical shifts including artificial intelligence transforming the global economy, reshoring of manufacturing and supply chains, and surging energy demand. Article content CIV Fund One is backed by a distinguished group of founding limited partners, including StepStone Group, Gwynne Shotwell (President and COO, SpaceX), Brown Advisory, Fred Wilson (Co-Founder, Union Square Ventures), and a global network of leading institutions, endowments, family offices, and founders. Article content Gwynne Shotwell, President and COO, SpaceX said: 'What sets CIV apart is their conviction and hands-on approach. They're not just investors—they're active company builders who help founders execute and scale from day one.' Article content CIV's strategy is rooted in its ability to operate as both investor and company builder. The firm combines deep operating experience, a flexible capital model, and a global advisory network—creating structural advantages from company formation to scale. CIV partners directly with exceptional founders—and when the right company doesn't yet exist, it co-founds and incubates one in-house. Article content CIV's early investments reflect this hybrid strategy. The firm invested in Senra Systems, a next-gen manufacturing business applying automation to the wire harness industry. CIV also co-founded and seeded The Nuclear Company, a fleet-scale nuclear energy platform powering the AI and industrial economy. Additional Fund One investments include Base Power, Crux, and Verse—companies advancing scalable solutions in energy, fintech, and strategic supply chains. Article content CIV was founded by Patrick Maloney, Jeff Rosenthal, and Abhijoy Mitra—entrepreneurs and investors who have financed, built and scaled category-defining companies. Together, their combined expertise provides CIV-backed founders with a distinct operational and strategic advantage. Article content Maloney is an EY Entrepreneur of the Year and previously founded Inspire, a clean energy company acquired by Shell. Rosenthal co-founded Summit, the influential global thought leadership communities, is the co-owner of Powder Mountain, and has been a Senior Advisor to SpaceX, Colossal Biosciences, Scopely, Calm, Masterclass, and Goodleap, among others. Mitra was previously a General Partner at Coatue, leading venture and growth investments in industrial technology and climate innovation. Article content 'The defining companies of this century will reimagine the systems that underpin our economy and society, ' said Patrick Maloney, Co-Founder and CEO, CIV. ' We actively partner with visionary founders to build businesses that address the most pressing challenges of our time. When the best company exists, we back it. When it doesn't, we partner with outlier founders to build it.' Article content 'CIV is a firm built for founders, by founders,' said Jeff Rosenthal, Co-Founder and Managing Partner, CIV. 'Great founders don't just build businesses, they define movements and reshape markets. CIV exists to empower them with the resources and global relationships that help them execute at scale.' Article content 'The global economy is undergoing a fundamental shift,' added Abhijoy Mitra, Co-Founder and Managing Partner, CIV. 'What's needed isn't just capital, it is long-range vision and operating capabilities. We've built CIV to deliver both.' Article content CIV is an investment firm that backs and builds transformative companies reshaping the world's most critical industries. By combining deep operating expertise, a flexible capital model, and a unique global advisory network, CIV creates structural advantages for visionary founders tackling society's most urgent challenges. When the best company exists, we back it. When it doesn't, we partner with exceptional founders to develop groundbreaking ideas, build new companies, and accelerate their growth. Article content Article content Article content Article content Article content Article content
Associated Press
28-04-2025
- Business
- Associated Press
Copenhagen Infrastructure Partners to partially divest Coalburn 1
COPENHAGEN, Denmark, April 28, 2025 (GLOBE NEWSWIRE) -- Copenhagen Infrastructure Partners (CIP), on behalf of its fund Copenhagen Infrastructure IV (CI IV), has signed an agreement to divest a 50% ownership stake, upon site commissioning, to AXA IM Alts, a global leader in alternative investments. Coalburn 1 is a 500MW, 2-hour duration, lithium ion battery energy storage system (BESS), located in South Lanarkshire, in southern Scotland. CIP took a financial investment decision for Coalburn 1 in December 2023 and will continue to lead Coalburn 1 project delivery through its current construction phase, and beyond the site's commissioning which is expected in early 2026. The project has a high level of contracted revenues through a 10-year optimisation agreement with SSE, alongside a 15-year capacity market agreement. Coalburn 1 is one of three transmission-connected BESS assets currently being constructed by CIP in Scotland, which collectively will have a total power capacity of 1.5GW and will be able to store and supply the grid with a total of 3GWh of electricity, enough to supply over 4.5mn households for two hours. CIP is developing a further 4.5GW of BESS project across Scotland and England. Coalburn 1 is part of an expanding CIP portfolio of UK energy infrastructure investments – CIP's CI V flagship fund recently announced that it exceeds the fund size of EUR 12 billion and invests in a range of renewable technologies from wind and solar PV to energy storage across Europe (including the UK), North America and Asia Pacific. CIP's portfolio of battery projects across the US, UK, Europe and Australia makes the company one of the leading investors of battery storage projects globally. Nischal Agarwal, CIP Partner, said: 'As CIP's development and construction portfolio of UK BESS projects continues to progress and grow, we look forward to welcoming AXA IM Alts as a new partner on our Coalburn 1 site, which once commissioned in 2026 shall be Europe's biggest operational BESS project. The delivery of Coalburn 1, alongside CIP's Coalburn 2 and Devilla construction projects, will improve the UK's energy security, enable more low cost renewables to be delivered, and will act to reduce costs for British consumers through enhanced system flexibility.' Mark Gilligan, Head of Infrastructure, AXA IM Alts, commented: 'Our investment in Coalburn 1 marks a significant milestone as we enter the UK energy storage market, reinforcing our commitment to supporting the transition to a zero carbon economy. Battery storage infrastructure is critical to achieving national energy security and unlocking the full potential of renewable energy, and we look forward to working with experienced leaders of the sector to deliver resilient, long-term value for communities, our investors and the environment.' CIP's agreement to partially divest a stake in Coalburn 1 benefited from advice given by Ashurst (Legal Advisers: ) and RBC Capital Markets (Financial Advisers: ). About Copenhagen Infrastructure Partners Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) today is the world's largest dedicated fund manager within greenfield energy investments and a global leader in offshore wind. The funds managed by CIP focus on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy, and Power-to-X. In the UK, CIP is investing in over 25 GW of renewable energy infrastructure, representing over £40 Billion of future investment potential. CIP manages 13 funds and has to date raised approximately EUR 32 billion for investments in energy and associated infrastructure from approximately 180 international institutional investors. CIP has projects in more than 30 countries and more than 2500 employees across platforms and projects globally. For more information, visit About AXA IM Alts AXA IM Alts is a global leader in alternative investments with €186 billion of assets under management[1] comprising c.€81 billion of primarily private real estate, over €93 billion of private debt and alternative credit, as well as c.€12 billion in Infrastructure and private equity. We take a 360° approach to real estate & infrastructure investing with €126 billion of assets under management in direct opportunities, held indirectly through debt and listed equities and via long term private equity investments into operating platforms. ESG is fully integrated into our investment decision making processes with our responsible investment approach anchored by the three key pillars of decarbonisation, resilience and building tomorrow. AXA IM Alts employs over 980 people located in 17 offices around the world and serves the needs of over 640 clients from Europe, North America, Asia Pacific and Middle East. We are the number one property portfolio and asset manager in Europe, and one of the largest worldwide [2]. AXA IM Alts is a business unit of AXA Investment Managers. 1 Source: AXA IM Alts data (unaudited) as at 31 December 2024. 2 Highest-ranked Real Estate Manager in the European Union according to IPE's Global Top 150 Real Estate Investment Managers, based on total value of real estate assets under management, November/December 2024. Visit our websites and For further information, please contact: E-mail: [email protected] Oliver Routhe Skov, Head of Media Relations Phone: +45 30541227 Email: [email protected] Thomas Kønig, Partner – Global Head of Fundraising and Partner – Investor Relations Phone: +45 7070 5151 Email: [email protected]
Hamilton Spectator
28-04-2025
- Business
- Hamilton Spectator
Copenhagen Infrastructure Partners to partially divest Coalburn 1
COPENHAGEN, Denmark, April 28, 2025 (GLOBE NEWSWIRE) — Copenhagen Infrastructure Partners (CIP), on behalf of its fund Copenhagen Infrastructure IV (CI IV), has signed an agreement to divest a 50% ownership stake, upon site commissioning, to AXA IM Alts, a global leader in alternative investments. Coalburn 1 is a 500MW, 2-hour duration, lithium ion battery energy storage system (BESS), located in South Lanarkshire, in southern Scotland. CIP took a financial investment decision for Coalburn 1 in December 2023 and will continue to lead Coalburn 1 project delivery through its current construction phase, and beyond the site's commissioning which is expected in early 2026. The project has a high level of contracted revenues through a 10-year optimisation agreement with SSE, alongside a 15-year capacity market agreement. Coalburn 1 is one of three transmission-connected BESS assets currently being constructed by CIP in Scotland, which collectively will have a total power capacity of 1.5GW and will be able to store and supply the grid with a total of 3GWh of electricity, enough to supply over 4.5mn households for two hours. CIP is developing a further 4.5GW of BESS project across Scotland and England. Coalburn 1 is part of an expanding CIP portfolio of UK energy infrastructure investments – CIP's CI V flagship fund recently announced that it exceeds the fund size of EUR 12 billion and invests in a range of renewable technologies from wind and solar PV to energy storage across Europe (including the UK), North America and Asia Pacific. CIP's portfolio of battery projects across the US, UK, Europe and Australia makes the company one of the leading investors of battery storage projects globally. Nischal Agarwal, CIP Partner, said: 'As CIP's development and construction portfolio of UK BESS projects continues to progress and grow, we look forward to welcoming AXA IM Alts as a new partner on our Coalburn 1 site, which once commissioned in 2026 shall be Europe's biggest operational BESS project. The delivery of Coalburn 1, alongside CIP's Coalburn 2 and Devilla construction projects, will improve the UK's energy security, enable more low cost renewables to be delivered, and will act to reduce costs for British consumers through enhanced system flexibility.' Mark Gilligan, Head of Infrastructure, AXA IM Alts, commented: 'Our investment in Coalburn 1 marks a significant milestone as we enter the UK energy storage market, reinforcing our commitment to supporting the transition to a zero carbon economy. Battery storage infrastructure is critical to achieving national energy security and unlocking the full potential of renewable energy, and we look forward to working with experienced leaders of the sector to deliver resilient, long-term value for communities, our investors and the environment.' CIP's agreement to partially divest a stake in Coalburn 1 benefited from advice given by Ashurst (Legal Advisers: ) and RBC Capital Markets (Financial Advisers: ). About Copenhagen Infrastructure Partners Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) today is the world's largest dedicated fund manager within greenfield energy investments and a global leader in offshore wind. The funds managed by CIP focus on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy, and Power-to-X. In the UK, CIP is investing in over 25 GW of renewable energy infrastructure, representing over £40 Billion of future investment potential. CIP manages 13 funds and has to date raised approximately EUR 32 billion for investments in energy and associated infrastructure from approximately 180 international institutional investors. CIP has projects in more than 30 countries and more than 2500 employees across platforms and projects globally. For more information, visit About AXA IM Alts AXA IM Alts is a global leader in alternative investments with €186 billion of assets under management[1] comprising c.€81 billion of primarily private real estate, over €93 billion of private debt and alternative credit, as well as c.€12 billion in Infrastructure and private equity. We take a 360° approach to real estate & infrastructure investing with €126 billion of assets under management in direct opportunities, held indirectly through debt and listed equities and via long term private equity investments into operating platforms. ESG is fully integrated into our investment decision making processes with our responsible investment approach anchored by the three key pillars of decarbonisation, resilience and building tomorrow. AXA IM Alts employs over 980 people located in 17 offices around the world and serves the needs of over 640 clients from Europe, North America, Asia Pacific and Middle East. We are the number one property portfolio and asset manager in Europe, and one of the largest worldwide [2]. AXA IM Alts is a business unit of AXA Investment Managers. 1 Source: AXA IM Alts data (unaudited) as at 31 December 2024. 2 Highest-ranked Real Estate Manager in the European Union according to IPE's Global Top 150 Real Estate Investment Managers, based on total value of real estate assets under management, November/December 2024. Visit our websites and
