NEW YORK, NY, October 8, 2024 — Greenbacker Capital Management (“GCM” and, together with its affiliates, “Greenbacker”) is pleased to announce that it has expanded its distribution and fundraising capabilities, particularly in markets where Greenbacker is seeing increasing investor demand for sustainable investments. As senior members of the business development team, Adam Evans, CAIA, CIMA and John Hennessey broaden Greenbacker’s ability to offer individual and institutional investors the opportunity—across all distribution channels—to participate in the energy transition.
“With Greenbacker’s evolving set of strategies, the timing couldn’t be better to add these two individuals, and their wealth of experience, to the distribution side of our business,” said Brandon Praznik, Greenbacker’s Executive Vice President of Business Development. “The strategic additions of Adam and John bolster our capital raising efforts as Greenbacker seeks to execute on its growth targets and capitalize on the energy transition opportunity set for our investors.”
Evans is an industry veteran with over 20 years of experience distributing financial services products to institutional and retail investors. As a senior vice president on Greenbacker’s business development team, he is responsible for the distribution of company strategies through all distribution channels in the Central US. Prior to Greenbacker, Evans served as a director within the financial institutions group at Lazard Asset Management, before which he held the role of business development director at Cushing Asset Management. In both roles, Evans was responsible for distributing firm strategies to the registered investment advisor (“RIA”), bank trust, and family office channels, including securing investment in new strategies.
Hennessey is a seasoned business development professional, bringing to Greenbacker 15 years of experience marketing and distributing investment strategies to the RIA, family office, and institutional channels. As a vice president on Greenbacker’s business development team, he is responsible for the distribution of company strategies through all channels, with a focus on the Southeastern US. Previously in his career, Hennessey served as a director at Chicago Atlantic Group and a vice president at Merit Hill Capital; at both firms, he was responsible for business development, covering the RIA, family office, and institutional channels.
The two join the company during a period of expansion and transformation for Greenbacker. Greenbacker’s latest quarterly results highlight substantial year-over-year growth in revenue and clean power production, as well as a 30% increase in fee-earning AUM,1 bringing the total to $762 million. As of the end of the second quarter, the company’s aggregate AUM2 had reached $3.7 billion.
Greenbacker also recently expanded its investments team following the launch of GCM’s fourth sustainability-driven investment strategy, focused on Energy Transition Real Estate. Earlier this year, Greenbacker announced it added three new members to its leadership team, including a new Chief Financial Officer and the newly created Head of Infrastructure and Head of Capital Markets positions. Late last year, the company expanded its private equity investment team, adding a managing director to its Greenbacker Development Opportunities (“GDEV”) strategy, which invests in growth-stage sustainable infrastructure development platforms.
GCM serves as the SEC-registered investment manager to four energy transition-focused investment strategies. Greenbacker remains committed to empowering a sustainable future by putting investor capital to work in the energy transition asset class. As of June 30, 2024, Greenbacker’s fleet of clean energy projects has produced over 10.7 million MWh of clean power3 since 2016, abating nearly 7.5 million metric tons of carbon4 and conserving approximately 7.4 billion gallons of water,5 compared to the amount of water needed to produce the same amount of power by burning coal.
1 Fee-earning AUM represents the asset base upon which management fee revenue is earned from GCM’s managed funds. The financial and portfolio metrics set forth herein are unaudited and subject to change.
2 Aggregate AUM includes GREC and GCM’s managed funds. AUM represents the underlying fair value of investments, determined generally in accordance with ASC 820, cash and cash equivalents and project level debt. These figures are unaudited and subject to change.
3 As of June 30, 2024.
4 As of June 30, 2024. When compared with a similar amount of power generation from fossil fuels. Carbon abatement is calculated using the EPA Greenhouse Gas Equivalencies Calculator which uses the Avoided Emissions and generation Tool (AVERT) US national weighted average CO2 marginal emission rate to convert reductions of kilowatt-hours into avoided units of carbon dioxide emissions.
5 As of June 30, 2024. Gallons of water saved are calculated based on Operational water consumption and withdrawal factors for electricity generating technologies: a review of existing literature – IOPscience, J Macknick et al 2012 Environ. Res. Lett. 7 045802.
