SINGAPORE-headquartered private equity manager Seraya Partners has added a A$1.1 billion (US$702 million) offshore wind company to its portfolio, seven months after the close of its maiden fund at US$800 million.

MMA Offshore, a vessel operator that was listed on the Australian Securities Exchange, will now be part of Cyan Renewables, a company founded and majority-owned by Seraya.

The acquisition was supported by a group of co-investors, including the Alberta Investment Management Corporation – which manages public and pension funds in Canada and owns a stake in Cyan.

Renewable infrastructure has become a hot space. Preqin data shows US$808.8 billion has been raised since 2019 by private market funds with exposure to renewable energy. Of this amount, 71.6 per cent has gone into infrastructure. A record 59 per cent of private infrastructure deals in 2023 were in renewable energy.

Seraya’s fund is dedicated to Asian infrastructure, with a particular focus on mid-market deals in the energy transition and digital infrastructure sectors.

It has allocated money to three platforms: Cyan, a pure-play offshore wind farm vessel operator; Empyrion DC, a green data centre operator; and Astrid Renew, which is developing solar, wind and energy storage solutions.