DENVER,
Feb. 13,
2025 /PRNewswire/ -- PERENfra LLC ("PERENfra") today
announced the launch of Perennial Infrastructure Fund I™ (the
"Fund"), a private investment fund focused on core water
infrastructure assets. The Fund aims to provide investors with
income and long-term capital appreciation through investments in
safe, sustainable, efficient water solutions in a growing
industry.
With a target size of $125
million, the Fund has successfully closed multiple limited
partner (LP) commitments and is seeking to be fully subscribed by
early 2025. The Fund is led by Jeff C.
Nelson, the Founder and CEO of PERENfra, along with
Gary Brauchle, its President.
PERENfra is Manager of the Fund's General Partner
and PIF Equity Partners, LLC is the Fund's investment manager.
PERENfra has operated independently since being formed in 2020, and
after building a substantial opportunity pipeline and portfolio of
sustainable water infrastructure investments, PERENfra decided to
launch the Fund to support its continued expansion and growth.
The Fund has brought in two strategic investors:
Garney Equity Holdings and Ferguson Ventures. The two have teamed
up with PERENfra to position the Fund as the first of its kind
investment vehicle focused solely on water infrastructure.
Jeff Nelson,
Founder and CEO of PERENfra, said:
"We're humbled and excited by the support of our
investors and partners in the Fund. There is an unfulfilled need
for capital in the water infrastructure market, and we're ready to
address that demand. We're confident in our investment strategy,
and we look forward to continuing our positive environmental and
social impacts while delivering attractive long-term returns to our
investors."
Garney Equity Holdings is the investment arm of
Garney Companies Inc., the largest water and wastewater contractor
in the U.S., and is uniquely positioned to provide valuable insight
into the current state of U.S. water infrastructure. With decades
of experience addressing complex water and wastewater challenges in
all sectors including municipal, federal, industrial and private
owners, Garney recognizes and appreciates the critical need to
modernize and strengthen the nation's water infrastructure. "Garney
is proud to support the Fund's goals, which align closely with our
purpose: Building Sustainable Futures with the World's Most
Precious Resources – Water and People®," said David Burkhart, CEO at Garney. "By investing in
the Fund, we're advancing a shared vision of resilient, sustainable
water solutions that will serve communities for generations to
come."
Ferguson is the largest value-added distributor
serving the residential and non-residential specialized
professional. Ferguson Ventures is the corporate venture capital
and strategic partnering arm of Ferguson, focusing on innovation
within the $340B North American
construction market.
"Ferguson Ventures sees this investment in the
Perennial Infrastructure Fund I as a strategic step toward
enhancing innovation and sustainability within the water
infrastructure sector," said Blake
Luse, Managing Director at Ferguson Ventures. "By engaging
with PERENfra and Garney, we aim to deepen our understanding of
emerging technologies and industry trends that can enrich our
ability to serve our customers. This collaboration is in line with
our core mission to provide value-added solutions and supports our
commitment to fostering sustainable water solutions for the
communities we serve."
The Fund has made significant progress in
allocating its capital and anticipates full deployment by 2026. The
initial investments are supported by long-term contracts to
finance, design, construct, own, and operate six (6) new water and
wastewater treatment plants.
The Fund has attracted substantial interest from
investors knowledgeable about the water industry and the challenges
associated with the traditional investment options in the sector.
The Fund focuses on unique opportunities that are sole-sourced
which improves efficiency and greatly improves the timeline to
develop and construct much needed infrastructure.
In addition to Garney and Ferguson, the Fund's
initial LP's are comprised of various US-based family offices.
Davis Graham and
Stubbs LLP served as legal counsel to the Fund.
About PERENfra:
PERENfra invests in,
acquires, develops, and operates essential water infrastructure.
Our assets provide our clients and partners reliability,
efficiency, and quality in a market that is suffering from severe
underinvestment and aging infrastructure. Led by a team of experts
with more than 120 years of combined experience in the water
sector, PERENfra is focused on ensuring water quality,
conservation, and accessibility across the United States.
About Garney:
Garney Companies
Inc. is the national leader in water and wastewater
infrastructure. Since 1961, Garney has been committed to delivering
clean, safe drinking water and protecting public health through
essential water and wastewater systems. Garney specializes in
self-performing construction services for water and wastewater
pipelines, treatment facilities, pumping stations, water storage
tanks, and industrial/heavy civil projects through conventional and
collaborative delivery methods for municipal, federal, and private
sector clients. As a 100% employee-owned company with 18 regional
offices and 2,500 employee-owners, Garney is committed to advancing
the future of water and wastewater infrastructure. At the core of
Garney's work is its guiding purpose: Building Sustainable Futures
with the World's Most Precious Resources – Water &
People®.
About Ferguson:
Ferguson (NYSE: FERG; LSE: FERG) is the
largest value-added distributor serving the specialized
professional in our $340B residential
and non-residential North American construction market. We help
make our customers' complex projects simple, successful and
sustainable by providing expertise and a wide range of products and
services from plumbing, HVAC, appliances and lighting to PVF, water
and wastewater solutions and more. Headquartered in Newport News, Va., Ferguson has sales of
$29.6 billion (FY'24) and
approximately 35,000 associates in nearly 1,800 locations.
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SOURCE Garney Construction and PERENfra
