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Global private capital investment firm Carlyle announced today a new strategic investment in commercial property […]]
Carlyle Commits to Provide up to $1 Billion in C-PACE Financing – ESG Today
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Private Equity & Venture Capital/ Sustainable Finance
Carlyle Commits to Provide up to $1 Billion in C-PACE Financing
Mark Segal
September 16, 2024
Global private capital investment firm Carlyle announced today a new strategic investment in commercial property assessed clean energy (C-PACE)-focused finance company North Bridge, alongside a commitment to provide up to $1 billion in financing to facilitate C-PACE loans by North Bridge.
C-PACE is a financing mechanism aimed at enabling building owners and developers to obtain low-cost, long-term financing for projects suporting energy efficiency, water conservation and renewable energy projects, including renovations, new construction and acquisitions, with the financing secured by property assessments, tying the debt to the property instead of the owner. According to the U.S. Department of Energy, the C-PACE structure addresses a key potential disincentive to investing in energy improvements if property owners are concerned that they may not stay in the property long enough for the project’s savings to cover the initial costs.
Akhil Bansal, Head of Credit Strategic Solutions at Carlyle
“We are pleased to bring together Carlyle’s significant expertise in asset backed finance and real estate credit to help commercial real estate owners address their financing needs.”
Founded in 2021 by CEO Laura Rapaport, New York-based North Bridge provides tailored C-PACE financing for new and recently completed projects across commercial real estate asset classes across the U.S.
Rapaport said:
“Carlyle’s $1B commitment to C-PACE, the largest to date, enables North Bridge to lead the transformation of the industry to better meet the needs of institutional sponsors and their lenders. We are excited to partner with Carlyle, an established leader in the private credit space, given their exceptional track record of partnering with companies to drive growth.”
Mark founded ESG Today following a 20 year career in investment management and research. Prior to founding ESG Today, Mark worked at Delaney Capital Management (DCM) in Toronto, Canada, most recently as the firm’s head of U.S. equities. While at DCM, Mark was part of the firm’s ESG team, responsible for evaluating and tracking the sustainability factors impacting portfolio companies, and assessing the suitability of companies for portfolio inclusion. Mark also spent several years in the sell-side research industry, covering the technology and services sectors. Mark holds an MBA from Columbia University in New York, a BBA from the Schulich School of Business at York University in Toronto, and is a CFA charterholder.
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