NOVA Infrastructure closed its first fund at $565 million on June 24 with buy-in from public and private pension funds, insurance companies, family offices and asset managers.
NOVA Infrastructure Fund I will focus on value-added, middle market infrastructure investments in North America.
So far, the firm has made six platform investments targeting environmental services, transportation, energy, energy transition and communications. Officials didn’t name the companies, but described the platforms as a vertically integrated waste management platform; a U.S. Flag maritime logistics business; a fixed base operator (FBO) platform; a port-centric storage and logistics platform; and fiber-to-the-home and fixed wireless businesses.
“NOVA’s distinctive approach to creating platforms in partnership and entrepreneurial teams will allow us to generate outstanding returns,” said Chris Beall, founder and managing partner of NOVA Infrastructure. Beall had been a managing director and co-portfolio manager for Oaktree Capital’s Infrastructure Investing strategy prior to founding NOVA Infrastructure in 2017.
Beall worked with Allison Kingsley in setting up the firm and she also works as chief risk officer. She had invested for infrastructure fund Reformation Capital and anchor PartnerRe’s principal finance portfolio.
“At NOVA we are committed to being strong partners that deliver capital, operating expertise, and resources to each of our portfolio company partners,” said Founder and Partner Kingsley. “As founder owner operators ourselves, we understand the challenges faced by these entrepreneurs and are uniquely positioned to help them achieve their goals.”
