Ecofin Sustainable and Social Impact Term Fund (TEAF) Announces Private Investment Monetization Activity
10 Août 2021 - 11:03PM
Business Wire
Ecofin Sustainable and Social Impact Term Fund (NYSE: TEAF)
announces positive outcomes from the monetization of two private
debt investments in the month of July: PureCycle Technologies
Series C (“PureCycle”), an Ironton, OH polypropylene plastics
recycling facility utilizing non-chemical technology in the waste
transition segment, and MaST Community Charter School III (“MaST
III”), which opened in the fall of 2019 in Philadelphia, PA.
PureCycle bonds were sold in the secondary market at a profit as
the market anticipated the innovative recycling methods to be
utilized. MaST III bonds were called as the school’s operations
grew to a level in which accessing the public bond market was a
possibility and most economical. These investments delivered strong
internal rates of return of 16.0% and 10.4%, respectively, and
underscores the team’s portfolio management abilities driven by
years of experience in actively originating facility financings. A
total of approximately $12M in realizations, resulted in a decrease
of the private investment allocation from 51% at 6/30/2021 to 47%
at 7/31/2021. The fund has delivered strong returns over the past
year, click here for price and NAV performance figures.
“We consider this a fitting time for monetization activity to
take place as TEAF and its investors were able to help bridge the
path for both companies to cultivate their facilities before
obtaining support from the secondary and public capital markets and
also provides us the opportunity to invest in sustainable listed
equities at a time where we see these investments lagging broader
equity markets and having compelling valuations,” said Nick Holmes,
Managing Director and Portfolio Manager. “This activity highlights
the liquidity and shorter-term nature of the fund’s private debt
investments.”
Additionally, TEAF provides an update on the fund’s private
investments, portfolio asset allocation, structure types and impact
statistics as of July 31, 2021, on the company website here. On a
monthly basis, details on each private deal that has taken place
over the prior month will be published here. The list includes all
deals completed since the fund’s inception through July 31, 2021,
including PureCycle and MaST III. Updates will continue to be
posted on a monthly basis until the fund reaches its target of 60%
private investments.
For additional information on this fund, please visit
cef.ecofininvest.com.
About Ecofin
Ecofin is a sustainable investment firm dedicated to uniting
ecology and finance. Our mission is to generate strong
risk-adjusted returns while optimizing investors’ impact on
society. We are socially minded, ESG-attentive investors,
harnessing years of expertise investing in sustainable
infrastructure, energy transition, clean water & environment
and social impact. Our strategies are accessible through a variety
of investment solutions and seek to achieve positive impacts that
align with UN Sustainable Development Goals by addressing pressing
global issues surrounding climate action, clean energy, water,
education, healthcare and sustainable communities. Ecofin
Investments, LLC is the parent of registered investment advisers
Ecofin Advisors, LLC and Ecofin Advisors Limited (collectively
“Ecofin”). To learn more, please visit www.ecofininvest.com.
Tortoise Capital Advisors, L.L.C. (also dba TCA Advisors)
(“TCA”) is the adviser to Ecofin Sustainable and Social Impact Term
Fund and Ecofin Advisors Limited is the fund’s sub-adviser.
Safe harbor statement
This press release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer or
solicitation or sale would be unlawful prior to registration or
qualification under the laws of such state or jurisdiction.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains certain statements that may include
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements, other
than statements of historical fact, included herein are
"forward-looking statements." Although the fund and TCA believe
that the expectations reflected in these forward-looking statements
are reasonable, they do involve assumptions, risks and
uncertainties, and these expectations may prove to be incorrect.
Actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the fund’s reports that are
filed with the Securities and Exchange Commission. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. Other than as
required by law, the fund and TCA do not assume a duty to update
this forward-looking statement.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210810005995/en/
Maggie Zastrow (913) 981-1020 info@tortoiseecofin.com
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