THIS ISSUE
WHAT HAPPENED IN RENEWABLE PROJECTS ACQUISITIONS IN EUROPE FROM AUGUST 2024 UNTIL NOW?
WHAT HAPPENED IN INFRASTRUCTURE PRIVATE EQUITY SPACE IN EUROPE FROM AUGUST 2024 UNTIL NOW?
HIRING A CFO IN LUXEMBOURG FOR A PRIVATE EQUITY FUND: A STRATEGIC GUIDE FOR YOUR FIRM
HIRING AN INVESTMENT ASSOCIATE IN EUROPEAN MARKETS FOR A PRIVATE EQUITY FUND: A STRATEGIC GUIDE FOR YOUR FIRM SECURING TOP SENIOR INVESTMENT TALENT
BUILDING A HIGH-PERFORMING WORKFORCE IN INFRASTRUCUTRE FINANCE. THE POWER OF CORPORATE CULTURE, FOUNDATIONS, HR STRATEGY, CULTURE TRANSFORMATION.
FROM THE EDITOR
I would like to welcome you to our issue Infrastructure Finance Opinion Leader.
I am dedicated to bringing you the latest insights from industry trailblazers, comprehensive analyses, and forward-thinking perspectives. Our mission is to empower you with the knowledge and insights needed to shape your own vision in the ever-evolving Infrastructure Investments landscape. Through expert commentary and in-depth coverage, we strive to be your go-to source for staying ahead of the curve in this dynamic field.
Stan Kalinin
THE LATEST ISSUE OF INFRASTRUCUTRE
OPINION LEADER COVERS LATEST DEALS IN SOLAR PV MARKET IN EUROPE, INCLUDING MOST RECENT AND BIGGEST ACQUISTIONS BY LEADING IPP PLAYERS AND FUNDS
WHAT HAPPENED IN RENEWABLE PROJECTS ACQUISITIONS IN EUROPE FROM AUGUST 2024 UNTIL NOW?
TPSolar Transfers 88 MWp Solar Portfolio to Blue Elephant Energy
Dutch renewable energy developer TPSolar has completed the sale of a 88 MWp solar portfolio to Hamburg-based Blue Elephant Energy GmbH (BEE). The acquisition, finalized on December 20, 2024, includes three solar PV parks in different stages of development across the Netherlands.
The largest project in the portfolio is a 50 MWp PV park located in the northeast of the Netherlands, scheduled for commissioning by late 2025. A 9 MWp park in the southern region is already operational, while another 29 MWp park in the south is set for commissioning in the second quarter of 2025. Read
Qualitas Energy Sells 494 MWp Mula Solar Plant to China Three Gorges Spain
Qualitas Energy, a global investment and management platform specializing in renewable energy and sustainable infrastructure, has announced the sale of the Mula solar photovoltaic plant to China Three Gorges Spain, a subsidiary of CTG Europe under the China Three Gorges Corporation. The corporation is renowned as the world’s largest hydropower developer and a leader in clean energy. Read
Germany’s Starvert wins enviro nod for 300MW Greek solar project
The Greek government has granted environmental approval to a project envisaging the construction of a 300 MW solar park in the Thessaly region of Greece, in the north-central part of the Balkan country. Read
Emeren Group Divests a 65 MWp Solar Project Portfolio in Germany
Emeren Group Ltd. SOL recently declared the sale of a 65 megawatt-peak (MWp) solar portfolio to Trina Solar International System Business Unit in Germany. The portfolio consists of three projects, which are expected to be completed in mid-to-late 2025. Read
Encavis snaps up 62-MW solar park under construction in Bavaria
German wind and solar parks operator Encavis AG (ETR:ECV) has purchased a 62-MW solar park project in the state of Bavaria, which is already under construction and is set to be completed next year. Read
Tion Renewables buys 26-MW solar park in eastern Germany
Germany’s Tion Renewables AG (ETR:TION) said today it has acquired a 26-MW solar park at home from domestic developer Sunovis. Read
Nord/LB to invest €73 million in 100 MW Polish solar farm
Renewables developer OX2 has secured a €73 million ($76.8 million) financing package from bank Nord/LB for a 100 MW solar farm currently under development in southwestern Poland. Read
ITM Power wins 50-MW hydrogen FEED contract, 15-MW German order
UK electrolyser manufacturer ITM Power Plc (LON:ITM) has secured a front-end engineering design (FEED) contract for a 50-MW green hydrogen project in the EU, as well as a 15-MW order in Germany. Read
WHAT HAPPENED IN RENEWABLE PROJECTS ACQUISITIONS IN EUROPE FROM AUGUST 2024 UNTIL NOW?
NextEnergy Capital buys 248 MW solar portfolio in Spain
Renewable energy-focussed investment fund
NextEnergy Capital has reached an agreement to buy 12 solar power projects in Spain with an overall capacity of 248 megawatts (MW) and eyes more opportunities in the country, it said on Monday.
The projects are in Spain's northeast and the investment is made via NextEnergy's NextPower V ESG fund, which did not disclose how much it paid for the portfolio.
"We expect to continue investing in Iberia through our Madrid office and as NPV ESG currently has multiple additional projects under advanced negotiation in the region," Antonio Salvati, managing director at NextPower V ESG, said in a statement. Read
CEE Group acquires 102MWp solar farm in Germany
CEE Group, a Hamburg-based asset manager specialising in renewable energies, has acquired the Klüden solar photovoltaic (PV) project in Börde, Saxony-Anhalt, Germany from Sunovis, a German project developer with more than ten years of experience in solar projects.
The project was purchased for CEE Group’s investment funds, CEE Renewable Fund 7 (RF7) and CEE Renewable Fund 8 (RF8). Read
OMV Petrom completes 710MW Romanian solar PV portfolio acquisition
Romanian oil and gas producer
OMV Petrom has completed the acquisition of a 710MW PV portfolio from Danish developer Jantzen Renewables in Romania. Read
Quinbrook acquires 350MW solar project in UK
Global investment management company
Quinbrook Infrastructure Partners has announced the acquisition of a 350MW solar photovoltaic (PV) project known as Mallard Pass in the UK.
VCI Global Targets US$200 Million Revenue with 100 MW of Solar Photovoltaic Projects in Southeast Asia and Europe
VCI Global Limited (NASDAQ: VCIG) (“VCI Global” or the “Company”), is setting a target to develop and acquire up to 100 megawatts (MW) of solar photovoltaic (PV) projects across Southeast Asia (SEA) and Europe within the next five years. This expansion is expected to generate approximately US$200 million in revenue over the next 20 years and significantly contribute to VCI Global’s long-term growth. Read
Renalfa acquires 258MW Romanian solar project
Austrian independent power producer (IPP)
Renalfa has acquired a 258MW solar project in Teleorman, Romania, which it expects to start commercial operation in 2027.
The project, to be built in Teleorman County on Romania’s southern border, will include 1GWh of co-located battery energy storage system (BESS) assets, although Renalfa has not provided further information on the products it plans to use in either the project’s solar or storage elements. Read
Sonnedix to acquire 250MW solar PV portfolio in Italy
Independent power producer (IPP) Sonnedix has acquired an 80MW solar PV plant in Sicily, Italy from renewables developer Blunova.
WHAT
HAPPENED IN RENEWABLE PROJECTS ACQUISITIONS IN EUROPE FROM AUGUST 2024 UNTIL NOW?
Clearvise acquires stake in French photovoltaic project
Clearvise AG, an independent power producer of renewable energies with a diversified European portfolio of wind and PV systems, signed a purchase agreement for another cooperation project together with the regional ClearPARTNERS Cooperation Partners. It is a French open-space photovoltaic project with an approved capacity of more than 70 MW. It is the largest co-development project in the history of Clearvise AG to date. The parties have agreed not to disclose the sales price. Read
NextPowerV Acquires 110MW Solar Project in Spain with ESG Focus
NextEnergy Capital (NEC), a leading global renewables manager specializing in the solar+ infrastructure sector, has announced that its OECD-focused fund, NextPower V ESG (NPV ESG), has acquired a 110MW solar PV project in Central Spain. The project was purchased from German solar developer IB Vogt.
Located near Segovia, Spain, the 110MW project is currently under construction and benefits from a long-term power purchase agreement (PPA) with an investment-grade counterparty, ensuring a stable revenue stream for NPV ESG. The project, featuring advanced technologies such as bi-facial solar modules and trackers for enhanced efficiency, is expected to be operational by mid2025. Read
Zelestra acquires majority stake in German IPP East Energy
Zelestra plans to invest up to €5 billion (US$5.49 billion) between 2024 and 2026 into its power generation projects, including solar PV and green hydrogen. Read
Dutch firm Ekhi buys 44 MW of solar projects in Spain
Ekhi, the Spain-based solar business of Dutch energy transition platform Return, announced that it has acquired two solar photovoltaic projects located in the Spanish province of Zaragoza, adding just over 44 MW to its portfolio in the country. Read
KGAL impact fund acquires first solar project in Czechia
KGAL’s latest green energy fund is acquiring its first solar asset in Czechia. The investment and asset manager says the 50 MW plant is due to connect to the grid in 2025. Read
Altus Power Expands In Maine With Three New Community Solar Projects Now Operational
Altus Power, the leading commercial-scale clean energy provider, has acquired three solar projects in Maine, adding 12.8 MW of capacity. These projects, purchased from multiple developers, align with Altus Power’s strategy to grow its presence and deliver immediate benefits to local communities. Read
BNZ acquires 127.7 MW of solar projects in Sicily
Solar-focused independent power producer (IPP)
BNZ has acquired two solar projects in Sicily with a combined capacity of 127.7 MW from Italian renewable energy developer GreenGo Srl. Read
WHAT
HAPPENED IN RENEWABLE PROJECTS ACQUISITIONS IN EUROPE FROM AUGUST 2024 UNTIL NOW?
Energa buys 39.9-MW solar farm in Poland
Polish utility Energa, part of energy group Orlen (WSE:PKN), said one of its units has acquired the 39.9-MW Losienice PV project by buying the company developing it. Read
NextPower UK ESG Acquires its Twelfth Asset
NextEnergy Capital is pleased to announce that NextPower UK ESG has acquired its twelfth asset, Staughton Solar Farm, raising NPUK’s portfolio capacity to 565 MW. Read
Innovo Renewables Acquires 66 MW of Photovoltaic Projects Across Italy
Innovo Renewables, an Italian renewable energy developer and operator, has announced the acquisition of 11 photovoltaic plants, including agrivoltaic projects, totaling 66 MW in capacity. The projects, which are in an advanced stage of development and ready to build, are located across Lombardy, Tuscany, Lazio, Abruzzo, and Puglia. Read
Faria Renewables acquires 780 MW project portfolio in Greece
German renewable energy developer ib vogt has agreed to sell its project portfolio in Greece of 780 MW in peak capacity to Faria Renewables, a Greek renewable power producer and developer. The investments include solar and battery storage assets in various stages of development.
Quinbrook acquires large scale solar photovoltaics project in UK
Quinbrook Infrastructure Partners, a global investment manager, has acquired a 350 MW solar photovoltaics (PV) project, Mallard Pass, based in the East Midlands, UK. Read
Exus acquires 130MWp Portuguese PV project
Exus Renewables has acquired the 130MWp ready-to-build Cibele solar farm, located in the municipalities of Rio Maior and Cadaval in Portugal, from Lightsource BP. Read
L&G NTR Clean Power Fund acquires 115MW Irish solar project
The L&G NTR Clean Power Fund has announced it has acquired a 115MW solar project in Ireland from RES. Read
NextPower UK acquires 29MW battery energy storage system
Solar and infrastructure investor NextPower UK ESG (NPUK) has acquired a 29MW, 2-hour duration standalone battery energy storage system (BESS) in Glasgow.
The ready-to-build project, dubbed Rutherglen, is NPUK’s 13th UK acquisition and its third acquisition in November. NPUK is a ten-year closed-ended private fund launched by NextEnergy Capital, an international solar investment and asset manager. Read
Brookfield acquires Atrato Onsite Energy in £220 million deal
Brookfield Asset Management has acquired Atrato Onsite Energy’s commercial and residential rooftop solar portfolio. Read
WHAT HAPPENED IN INFRASTRUCTURE PRIVATE EQUITY SPACE IN EUROPE FROM AUGUST 2024 UNTIL NOW?
Copenhagen Infrastructure Partners Begins 800-MW Hydrogen Project in Germany
Denmark-headquartered Copenhagen Infrastructure Partners (CIP), through its Energy Transition Fund (CI ETF I), and Friesen Elektra Green Energy AG have initiated project Anker, a green hydrogen production facility in Sande, Germany. The project is scheduled to have an electrolysis capacity of 400 MW with plans to expand capacity to 800 MW at a later stage. Read
Carbon Equity’s new climate infrastructure fund raises €10m
Amsterdam-based Carbon Equity, an investment platform for private market climate investments, has raised €10m from existing investors for a new fund focused on investing in climate infrastructure projects aimed at CO2 reductions.
Carbon Equity intends to grow the fund to €50m. It is now open to a wider audience, with a second close likely by the end of the year. Since its inception in 2021, the firm has raised more than €260m from 900 investors on its platform. Read
Arjun Infrastructure Partners is targeting a first close next quarter of up to EUR 800m for its third blind pool infrastructure fund, which is seeking a total of some EUR 2.5bn of commitments on top of co-investments, sources said.
The London-headquartered manager led by Surinder Toor recently began fundraising for the latest fund, Arjun Infrastructure Alliance Europe 3 –on the heels of closing in May its second flagship fund with about EUR 1.1bn of commitments plus EUR 300m of co-investment capital, versus a target of EUR 1.5bn. Read
Private Equity
Firm EQT Launches Energy Transition Fund
Private equity firm EQT is creating a new energy transition fund, EQT Transition Infrastructure, which will look to invest in clean energy companies in Europe, North America, and the Asia Pacific. Read
BlackRock seals $12bn deal to buy Global Infrastructure Partners
US private equity giant BlackRock has completed a deal worth $12.5bn to buy Global Infrastructure Partners, the owner of Skyborn Renewables and other green energy players. Read
Landmark deal in the renewable energy market: Partners Group sells VSB Group to TotalEnergies
A&O Shearman has advised Partners Group, one of the largest firms in the global private markets industry, on the sale of VSB Group (“VSB”), a leading renewable energy platform in Europe, to French energy company TotalEnergies. The transaction gives VSB an equity value of EUR 1.57 billion. Read
KGAL joins PtX Development and GP Joule to invest in Lubmin hydrogen project
KGAL’s sixth European energy fund is investing in a 1GW green hydrogen project at Lubmin in Germany.
The firm’s ESPF 6 fund is making an undisclosed investment in the Baltic Sea port project in Mecklenburg-Western Pomerania, partnering with project initiator PtX Development and German green energy specialist GP Joule. Read
WHAT HAPPENED IN INFRASTRUCTURE PRIVATE EQUITY SPACE IN EUROPE FROM AUGUST 2024 UNTIL NOW?
Encavis boards recommend acceptance of delisting offer by KKR
Encavis AG’s (ETR:ECV) management and supervisory boards have recommended acceptance of the public delisting acquisition offer launched by a KKR & Co Inc (NYSE:KKR)-led consortium which recently secured 87.73% of the German wind and solar parks operator. Read
EQT launches energy transition strategy with German acquisition
Private equity firm EQT (EQTAB.ST), opens new tab said on Thursday it is launching a new energy transition investment strategy with the acquisition of ju:niz Energy, a German battery storage business.
Under EQT Infrastructure, the strategy will see investment directed towards companies operating in new energy transition infrastructure, such as electrification, electric vehicle charging, electric heat pumps, advanced recycling and battery storage across North America, Europe and Asia Pacific. Read
Nature Infrastructure, Davidson Kempner buy PV, storage platform from Greencells
Investment firms Davidson Kempner and Nature
Infrastructure Capital have jointly acquired a renewables project development platform from Germany’s Greencells Group. They will run the platform as a standalone venture and plan to expand its nearly 4 GW portfolio of utility-scale solar and battery projects. Read
Partners Group to invest in green flexibility, a developer of large-scale battery storage systems in Germany
Partners Group, one of the largest firms in the global private markets industry, acting on behalf of its clients, has agreed to invest in green flexibility (or “the Company”), a developer and operator of large-scale battery energy storage systems (“BESS”) in Germany. Through Partners Group’s initial equity commitment of up to EUR 400 million and complementary debt financing, green flexibility will have more than EUR 1 billion to invest in driving Europe’s energy transition. Read
DWS Raises $340 Million for Sustainable Infrastructure Fund
German asset management firm DWS Group has announced that it has raised €323 million (USD$340 million) at the first close of its ESG Infrastructure Debt Strategy (EIDS), aimed at investing in senior secured debt for projects and corporate borrowers operating across sustainability-themed sectors such as renewable energy, energy efficiency and utilities, digital infrastructure, clean transportation, and circular economy projects. Read
Arcus Infrastructure Partners has acquired a 51% stake in Italian power rental company Powering Srl.
Founded in 2011 and based in Fragagnano, Taranto, Powering operates a fleet of more than 1,500 generators across 55 locations in Italy. The acquisition by Arcus, a UK-based private equity firm managing €23bn in assets, marks a significant step for Powering in expanding its market position and supporting the energy transition.
WHAT HAPPENED IN INFRASTRUCTURE PRIVATE EQUITY SPACE IN EUROPE FROM AUGUST 2024 UNTIL NOW?
Antin Infrastructure Partners Closes €10 Billion Flagship Fund V
Antin Infrastructure Partners (Paris:ANTIN), one of the world’s leading infrastructure investment firms, announces today that it has successfully closed its fifth flagship fund above target, raising €10.2 billion ($10.7 billion).
The new fund is expected to be the largest infrastructure fund to reach a final closing worldwide in 2024. Its size represents an increase of over 50% from Antin’s previous Flagship Fund IV, which closed in 2020 at €6.5 billion. Read
RIVE Private Investment funds over 1 GW of renewable projects in Europe and consolidates its presence in the sector
With an investment of over 1 GW in renewables across Europe, RIVE Private Investment focuses on small and medium-sized companies, specialized in solar, wind, biomass, biogas, and hydroelectric energy. Additionally, Pierre du Passage, a Partner in the firm, notes a growing interest in storage solutions, especially in Germany, one of the company’s core markets. Read
Gunvor and Quercus announce landmark solar development partnership in Italy
Gunvor Group ("Gunvor"), a leading global energy commodities trading company, together with Quercus Real Assets Limited ("Quercus"), the London-based renewable specialist focused on international investments within the Energy Transition, proudly announce a landmark solar development partnership that targets the development of up to 3 gigawatts (GW) of solar photovoltaic (PV) capacity in Italy. Read
WFW advises lenders on €500m European solar infrastructure portfolio financing
Watson Farley & Williams (“WFW”) advised Rabobank, Santander Corporate & Investment Banking and Intesa Sanpaolo Bank Luxembourg
SA as lenders on an up to €500m term, DSR and letter of credit facilities granted to a subsidiary of Amarenco Solar Limited (“Amarenco”) for the financing of a multi-country solar infrastructure project. Read
Encore Renewable Energy secures $389 million financing solution to advance solar and energy storage
Encore Renewable Energy, a leading renewable energy developer and operator backed by SUSI Partners, announced the closing of a $389 million financing solution from Brookfield, through its infrastructure debt platform. This transaction will accelerate Encore’s growth as an independent power producer (“IPP”) by financing the construction of a portfolio of community-scale solar and battery energy storage projects while supporting the further expansion and advancement of the company’s development pipeline. Read
SUSI Partners, through its SUSI Renewable Energy Fund II (SREF II), has sold the Fund’s 99MW German wind portfolio to Qualitas Energy.
The sale adds another successful exit to the SREF II track record after the sale of the 208MW Norwegian wind farm Tonstad in early July 2024, SUSI said.
SREF II’s German wind portfolio consisted of seven wind farms geographically diversified across the country. Read
HIRING A CFO IN LUXEMBOURG
FOR A PRIVATE EQUITY FUND: A STRATEGIC GUIDE FOR YOUR FIRM
The search for a Chief Financial Officer (CFO) for a Private Equity Fund specializing in Infrastructure and Renewables requires a structured and strategic approach. As firms expand their operations, understanding the key factors that contribute to a successful executive hire can provide a roadmap for optimizing recruitment efforts. This guide will help your firm navigate the complexities of hiring a CFO in Luxembourg, ensuring the right fit for both technical expertise and cultural alignment.
Key Considerations for Your CFO Search
Before initiating a search, it is critical to define the role’s scope, responsibilities, and required expertise. If your fund has a London-based front office and Luxembourg-based SPV management, as is commonly preferred by European and London-based funds specializing in Renewable and Infrastructure financing, your CFO should have a strong grasp of both international financial operations and local regulatory requirements.
Key questions to consider when defining your CFO profile:
Does your candidate have expertise in Private Equity fund management, particularly in Infrastructure and Renewables?
Can they navigate Luxembourg’s financial and regulatory environment effectively?
Do they have experience managing multijurisdictional financial operations?
How strong are their investor relations and fundraising capabilities?
Do they align with your firm’s culture and leadership style?
Implementing an Effective Search Strategy
To ensure the success of your CFO hire, your firm should adopt a structured executive search methodology Below are the key steps that will help guide your search process:
Market Mapping – Identify potential candidates with relevant experience in Private Equity, Infrastructure, and Renewables by leveraging market intelligence and benchmarking against competitors
Targeted Outreach – Engage with professionals across key financial hubs (Luxembourg, London, Zurich, Paris) to tap into a broad talent pool
Screening & Assessment – Conduct in-depth evaluations, including financial case studies and leadership assessments, to ensure technical expertise and cultural alignment
Collaboration with Leadership – Work closely with your CEO and Managing Partners to refine the selection process and ensure strategic alignment
Cultural Fit Analysis – Assess candidates based on your firm’s values and work dynamics, ensuring long-term success
HIRING A CFO IN LUXEMBOURG
FOR A PRIVATE EQUITY FUND: A STRATEGIC GUIDE FOR YOUR FIRM
Overcoming Challenges in Luxembourg’s Talent Market
If your firm is expanding operations or hiring in Luxembourg, it is crucial to navigate key challenges effectively:
Balancing Technical and Regulatory Expertise: Many finance leaders have either strong Private Equity expertise or deep Luxembourg regulatory knowledge but not both. Identifying candidates who bridge this gap is key.
Attracting Talent from a Competitive Market: Luxembourg has a strong consultancy base with professionals possessing highly attractive skills for such positions. Your firm should consider engaging with candidates from fund administration, audit firms, and investment management firms.
Aligning Compensation Expectations: CFO compensation expectations vary widely based on location and background. Conducting a thorough market analysis ensures competitive yet sustainable offers.
How Your Firm Can Apply These Lessons
Whether you are expanding your back office outside of traditional hubs like Frankfurt, London, Zurich, Hamburg, or Milan, or strengthening your Luxembourg operations, following this methodology can streamline your hiring process.
By adopting a strategic and structured search approach, your firm can:
Reduce time-to-hire by targeting the right candidate pool from the outset
Enhance retention by ensuring cultural and strategic alignment
Optimize financial operations by securing a CFO with the right mix of Private Equity expertise and Luxembourg regulatory knowledge
Strengthen investor relations by hiring a CFO who understands the complexities of fundraising and reporting in multi-jurisdictional settings
Conclusion
Hiring a CFO in Luxembourg requires a welldefined process, market intelligence, and alignment with your firm’s growth strategy This case study provides a roadmap that can help your organization successfully navigate executive hiring decisions As a trusted advisor and search partner, I can provide additional insights and tailored strategies to ensure a seamless recruitment process, helping your firm secure top-tier financial leadership for long-term success
BY STAN KALININ
HIRING AN INVESTMENT ASSOCIATE IN EUROPEAN MARKETS FOR A PRIVATE EQUITY FUND: A STRATEGIC GUIDE FOR YOUR FIRM
Finding the right Investment Associate for a Private Equity or Infrastructure Investment Fund is a challenging yet crucial task. As firms expand, securing professionals with strong financial modeling skills and deal experience is essential for driving successful investments. This guide outlines a strategic approach to hiring an Investment Associate, providing actionable insights based on a structured search methodology applied across Europe.
Key Considerations for Your Investment Associate Search
Before launching a search, it is critical to define the ideal candidate profile. Given that this is a frontoffice position, an Investment Associate must possess exceptional analytical capabilities, deal execution experience, and a deep understanding of infrastructure and renewables financing.
Key factors to evaluate when identifying the right candidate:
Strong background in financial modeling, valuation, and deal structuring.
Experience working on M&A transactions in Infrastructure or Renewables.
Exposure to investment strategies within Private Equity or Project Finance.
Ability to thrive in a high-paced, deal-driven environment.
Strong cultural and organizational fit with the firm’s leadership
Implementing an Effective Search Strategy
To identify the best possible talent, your firm should take a pan-European approach to sourcing candidates. Below is a structured methodology that ensures optimal results:
Targeting Big 4 M&A
Backgrounds
–Candidates with prior experience at leading consulting firms such as KPMG, PwC, Deloitte, or EY bring valuable deal execution expertise, particularly in Infrastructure and Renewables.
Expanding the Geographic Scope –
Conducting an extensive search across Luxembourg, Italy, Germany, Switzerland, the UK, and Spain ensures access to diverse talent pools.
Market Analysis & Benchmarking – Assessing the availability of candidates in different regions, considering experience, skill sets, and compensation expectations.
Screening & Assessment – Conducting detailed financial modeling tests and case study evaluations to ensure technical proficiency.
Aligning Expectations with Market Realities –
Understanding regional compensation trends and aligning salary expectations with firm budgets and market standards.
HIRING AN INVESTMENT ASSOCIATE IN EUROPEAN MARKETS FOR A PRIVATE EQUITY FUND: A STRATEGIC GUIDE FOR YOUR FIRM
Market Insights: Where to Find the Best Talent
Through this structured search, key insights emerged regarding where firms can find the best-fit candidates:
Italy proved to be the optimal market, offering a strong balance of experience, technical skills, and reasonable compensation expectations.
Luxembourg had fewer candidates with frontoffice experience, making it a more challenging market for direct hiring.
Spain presented a more localized talent pool, limiting access to candidates with international deal exposure.
London remains an attractive but highly competitive market, where compensation expectations for Associates are significantly elevated.
Germany has a strong talent pool, but competition among employers to attract candidates is intense, making hiring more challenging.
Switzerland is another highly competitive market, with established players dominating the industry. This makes it harder for smaller-scale firms (both IPPs and Funds) to attract top performers. As a result, Swiss firms frequently look beyond their borders to tap into European talent pools, increasing competition across the continent.
How Your Firm Can Apply These Lessons
If your firm is looking to expand its front-office investment team, adopting a structured and strategic hiring approach will ensure the best results. By following this methodology, your firm can:
Expand the candidate search beyond local markets to find top-tier talent.
Target candidates with proven deal experience from the Big 4 M&A advisory teams.
Assess market conditions and salary benchmarks to ensure sustainable hiring decisions.
Prioritize financial modeling and deal execution capabilities to secure the right expertise. Ensure cultural alignment and long-term retention through careful evaluation.
Conclusion
Hiring an Investment Associate requires a wellstructured and analytical approach. By leveraging a pan-European search, targeting professionals with Big 4 M&A backgrounds, and assessing market conditions, firms can ensure they attract and retain top-tier talent. This guide serves as a roadmap for firms aiming to build strong front-office investment teams while navigating regional hiring challenges.
BY STAN KALININ
SECURING TOP SENIOR INVESTMENT TALENT FOR GERMAN PE
INFRASTRUCTURE AND RENEWABLES IPP FIRMS
As an executive search expert and trusted advisor, my role is to guide you through the complex process of identifying and securing top-tier senior investment leadership for your firm In today’s highly competitive landscape especially in the German Private Equity (PE) Infrastructure and Renewables Independent Power Producer (IPP) sectors finding the right talent goes beyond reviewing resumes and past deal lists The key is to assess strategic leadership, soft skills, and market-fit, all while navigating regional challenges and talent shortages
1. Understand the Market Landscape
Challenges:
Talent Shortage: Key cities such as Munich, Frankfurt, and Hamburg are highly competitive, with a limited talent pool for senior investment leaders The growing demand for expertise in renewable energy and infrastructure means finding the right candidates is becoming increasingly difficult
Regional Salary Variance: Salary expectations can vary significantly across different regions of Germany, making compensation alignment critical to avoid mismatched offers
Relocation Considerations: Top candidates may be hesitant to relocate, so understanding and addressing personal reasons behind relocation concerns is crucial
Market Insight:
In Germany’s infrastructure and renewable energy sectors, professionals with a proven track record in long-term investments, sustainable energy, and green finance are in high demand. Leveraging market intelligence helps target the right talent who can drive change, adapt to evolving market dynamics, and execute strategic investment initiatives.
2. Build a Comprehensive Search Strategy Sourcing Talent Beyond Networks:
Global Talent Pool: While traditional networks are valuable, the best candidates may not always be visible within your existing connections
Broadening your search across international talent pools through executive search firms and industry conferences can yield valuable candidates
Niche Mapping: Target professionals who specialize in renewable finance, energy transition projects, and infrastructure investments These areas are especially relevant in today’s PE and IPP sectors, and candidates with specialized knowledge in these niches are critical
Using Data-Driven Insights:
Salary Benchmarks: Use market salary data and regional insights to create a compensation package that aligns with market expectations and ensures competitiveness
Talent Mapping Tools: Utilize tools to map talent within specific sectors and regions This allows you to locate candidates who meet the specific needs of your firm’s strategy, especially in niche sectors like renewable energy and infrastructure investment
3. Focus on Strategic Mindset & Soft Skills
Evaluating Strategic Leadership:
Beyond Transactional Success: While deal execution is important, the focus should shift to candidates who demonstrate the ability to think strategically. These individuals should be able to develop long-term investment plans, navigate complex negotiations, and lead teams with a forward-looking approach.
SECURING TOP SENIOR INVESTMENT TALENT
FOR GERMAN PE INFRASTRUCTURE AND RENEWABLES IPP FIRMS
Behavioral Assessments: Incorporate behavioral assessments into the hiring process to evaluate how candidates handle pressure, decision-making, and leadership challenges. Key qualities to assess include adaptability, innovation, and the ability to mentor junior talent.
Cultural Fit & Leadership Skills:
Ensure candidates align with your firm's culture and values. A strong cultural fit can make the difference between a successful hire and one that doesn’t thrive long term. Look for leaders who can foster collaboration, manage crossfunctional teams, and promote a growth mindset.
4. Address Relocation & Personal Considerations
Relocation Support:
Holistic Approach: Understand that senior leaders may be hesitant to relocate due to family or personal reasons. Offering a comprehensive relocation package and addressing these personal concerns can make a significant difference in their decision-making process.
Candidate Experience: Ensure clear and open communication about the relocation process, work-life balance, and support offered in adjusting to a new role and location.
Candidate Journey:
Make the hiring process as smooth as possible by ensuring timely feedback, transparent conversations, and consistent follow-ups A positive candidate experience, from initial outreach to final offer, can help set your firm apart in the eyes of top talent
5. Tailor Compensation & Retention Strategies
Compensation Packages:
Market-Driven Offers: Leverage salary and benefits benchmarking to structure compensation packages that are both competitive and aligned with your firm’s goals. Beyond base salary, consider the inclusion of performance bonuses, equity stakes, or longterm incentive plans.
Long-Term Incentives: Attract top talent by offering equity or performance-linked bonuses that align the success of the candidate with your firm’s long-term growth.
Retention Considerations:
Once a senior investment leader is hired, it’s essential to ensure they feel valued and supported. Implementing mentoring programs and offering opportunities for professional development can help maintain retention and loyalty.
6. Optimize the Candidate Experience from Start to Finish
Clear Communication: From the first contact to the final offer, transparent, honest, and timely communication will ensure that candidates feel valued and respected.
Smooth Onboarding: Once hired, a seamless transition into the firm is essential. Provide clear onboarding processes, integrate new hires into the team quickly, and provide support for any settling-in challenges.
SECURING TOP SENIOR INVESTMENT TALENT FOR GERMAN PE INFRASTRUCTURE AND RENEWABLES IPP FIRMS
Conclusion: Securing Senior Investment Talent in the German PE & Renewables IPP Market
Successfully hiring senior investment talent in the competitive German Private Equity Infrastructure and Renewables IPP sectors requires a nuanced, strategic approach. It’s not just about finding candidates with the right transaction history, but rather those who demonstrate a strong strategic mindset, leadership skills, and cultural fit.
By employing a comprehensive, data-driven search strategy, focusing on soft skills, and addressing regional salary variances and relocation concerns, you can secure top-tier talent who will drive your firm’s growth in the competitive German market.
Our Role as Trusted Advisors: As executive search experts, we are here to guide you through this process. By leveraging our extensive network, market insights, and strategic approach, we help you find the right leaders to propel your firm’s success in the dynamic and evolving renewable energy and infrastructure sectors.
BY STAN KALININ
BUILDING A HIGH-PERFORMING WORKFORCE IN INFRASTRUCUTRE FINANCE. THE POWER OF CORPORATE CULTURE, FOUNDATIONS, HR STRATEGY, CULTURE TRANSFORMATION.
The Foundation: Understanding Your Culture
An organization's culture, its core values, behaviors, and beliefs, shapes everything from decision-making to employee interactions. As Cowling and Lundy (1996) put it, culture is "the way we do things around here." Recognizing your existing culture is crucial for effective hiring and onboarding. Matching new team members with the culture from the start reduces mismatched expectations and boosts retention.
Different Cultures, Different Strengths
Several dominant cultural types exist:
Clan Culture: Emphasizes teamwork and family atmosphere, common in smaller businesses
Adhocracy Culture: Focuses on innovation and creativity, often seen in startups
Market Culture: Driven by competition, results, and efficiency, prevalent in FMCG companies
Hierarchy Culture: Values consistency and predictability, common in highly regulated environments
Hiring for Cultural Fit
Transparency about your company culture during hiring is essential Understanding the cultural landscape upfront helps attract candidates who align with your values and goals Evaluating cultural fit alongside skills and competencies prevents misunderstandings and reduces turnover
BY STAN KALININ
Employee Motivation and Engagement
Intrinsic Motivation: Connect individual roles to the company's mission for a deeper sense of purpose.
Clear Goals: Set and regularly review realistic goals at all levels, fostering ownership. Autonomy and Ownership: Empower employees with decision-making and encourage innovation.
Recognition and Rewards
Transparent Reward Systems: Tie performance-based incentives directly to contributions.
Regular Feedback: Foster a culture of continuous feedback for growth and engagement.
Professional Development
Continuous Learning: Invest in education and career advancement opportunities.
Supportive Leadership: Leaders should mentor, guide, and demonstrate passion for the company's mission.
BY STAN KALININ
Strategies for a Motivated Workforce
Adapting to a Global Workforce
Regional Differences: Tailor HR practices to local laws, regulations, and cultural norms. Language and Communication: Ensure clear communication across regions with inclusive materials.
Beyond Skills: Hiring for Soft Skills
Communication Skills: Prioritize strong communication for teamwork and customer interactions.
Leadership Potential: Look for leadership qualities in all roles to inspire and drive projects.
Cultural Fit: Assess cultural fit to enhance team cohesion and reduce turnover.
Building a Collaborative and Communicative Team
Promoting Collaboration: Encourage knowledge sharing and teamwork to build camaraderie and collective responsibility. Effective Communication Channels: Maintain transparency by keeping employees informed about company progress and strategy changes.
Transforming Your Culture: A Step-by-Step
Guide
Assessment and Understanding
Conduct a thorough assessment of your current corporate culture.
Engage employees at all levels to understand their perceptions and experiences. Identify cultural strengths and areas for improvement.
Define Your Desired Culture
Clearly define the desired culture aligned with your company's vision, mission, and strategic goals.
Develop a cultural framework that includes core values, behaviors, and practices.
Leadership Commitment
Ensure leadership commitment to the cultural transformation. Leaders should embody the desired culture through their actions and decisions.
Communication Strategy
Develop a comprehensive communication plan to convey the importance of cultural transformation.
Use multiple channels to communicate the desired culture and its benefits.
Training and Development
Implement training programs to educate employees about the desired culture. Develop leadership training to equip managers with the skills to foster and maintain the new culture.
BY STAN KALININ
Revised Hiring Practices
Integrate cultural fit assessments into the hiring process.
Design interview questions to evaluate candidates' alignment with the company's values and culture.
Onboarding Programs
Enhance onboarding programs to immerse new hires in the company culture from day one.
Provide ongoing support to ensure new employees adapt and contribute to the culture.
Recognition and Reward Systems
Align recognition and reward systems with the desired culture.
Celebrate and reward behaviors that exemplify the new culture.
Continuous Feedback and Improvement
Establish mechanisms for continuous feedback on cultural initiatives. Regularly review and refine strategies to ensure ongoing alignment with cultural goals.
Monitor and Measure Progress
Develop metrics to monitor the progress of cultural transformation.
Use employee surveys, feedback, and performance data to measure cultural alignment and impact.
ABOUT THE AUTHOR
Recruitment Partner and Trusted Advisor to Real Assets Financial Markets (Renewable Energy & Infrastructure finance, Real Estate)
He recruited for leading IPPs, Investment Management companies focused on Renewable Energy, Infrastructure and Real Estate investments in Europe
With over 15 years of experience, he has successfully led endto-end recruitment processes in highly regulated industries, collaborating with C-suite executives, Talent Acquisition and HR teams.
Stan was a great help and honest sparring partner throughout the entire process Takes time, bounces around ideas and doesn’t disappear.
Gergely horvath - Infrastructure & Climate FUND INVESTOR
Stan acted for Quercus hiring a senior executive based in Luxembourg. His work was timely, professional and produced a great set of final candidates and overall result.
Asif Rafique - Chief Investment Officer at PIF Portfolio Company
I have worked with Stan on a number of occasions and he always came across as very well networked recruiter who always have interesting opportunities in mind for his contacts He is always available and always on your case trying his best to achieve the result He takes the time to know the candidate's goals and works very hard to bring only the opportunities that fit the profile. I would recommend Stan to both candidates and clients.
Emmanuel Meyer - Private Equity Investor - Energy Transition