It is barely a month since its launch as a venture capital manager. Austral Venture Gestión, which specialises in photovoltaic energy, has completed the final stages of its first fund.
It will be launched in two versions: a venture capital fund (VCF) and a venture capital company (SCR), but will have the same assets. It will have a portfolio of up to 570 megawatts (MW) of greenfield PV in Spain. ‘The difference compared to other products, says Jaime Ventura, founding partner of Austral Venture Gestión, is that the assets are already there: ‘While other vehicles require an act of faith, we already have the assets in which we are going to invest,’ he says. Its vocation is to be ‘a limited, secure and competitive product compared to market standards’.
The size will be around 170 million “but, as he explains, prior to marketing there have already been expressions of interest from well-known people in the sector for half of the vehicle”. The vehicle, which will have a 10-year duration, is aimed at institutional investors and family offices.
To achieve this portfolio of 570 megawatts, they have seen some 17,000 or 18,000 megawatts. ‘We have done some pretty intense asset selection work,’ Ventura stresses. Ventura has more than 15 years of experience in the renewables sector, having been the founder of Everwood Capital. He is joined by partners Juan Ruiz and Francisco Fontán, who come from the world of investment banking, having held senior positions at Banco Popular and, subsequently, Banco Santander.
Tras el primer análisis del mercado, realizado por ellos, entra en juego la labor de los asesores técnicos. “Todo lo tenemos testeado con asesores externos independientes”, justifica. De hecho, la búsqueda de activos se remonta un año antes de montar la gestora. “Buscamos activos que nos den confort y tengamos certeza de que van a llegar a buen puerto”, confiesa el gestor.
After the first market analysis, which they carry out themselves, the work of the technical advisors comes into play. “Everything is tested by independent external advisors”, he explains. In fact, the search for assets dates back to a year before setting up the fund manager. “We look for assets that give us comfort and that we are sure are going to be successful”, the manager confesses.
The management company, which is based in Seville and Madrid, currently has six employees. Although they do not rule out expanding the team if necessary.
