Alantra expands its Energy Transition investment offering with the launch of a dedicated secondaries strategy

• Alantra has launched a dedicated secondaries strategy within its Energy Transition asset class through Horizon Secondaries, a c. €120mn investment vehicle backed by anchor investor CommonWealth Investments, together with Blue Earth Capital and Swisscanto.
• Horizon Secondaries has acquired around 10 innovative growth portfolio companies from Shell Ventures.
• The new strategy builds on Alantra Asset Management’s established Energy Transition investment activities and broadens its offering across primary and secondary markets.

Madrid, 2 September 2026 – Alantra has launched a dedicated secondaries strategy within its Energy Transition asset class through Horizon Secondaries, F.C.R., a c. €120mn (USD 140mn) investment vehicle, backed by anchor investor CommonWealth Investments, alongside international institutional investors including Blue Earth Capital’s impact secondaries strategy and Swisscanto, the asset management and fund arm of Zürcher Kantonalbank. The vehicle has acquired a portfolio of around 10 innovative growth companies across North America, Europe, and Asia from Shell Ventures.

The Energy Transition market is entering a more mature phase, creating a growing number of secondary investment opportunities as existing shareholders seek liquidity while companies continue to scale. Alantra believes this development creates an attractive opportunity to invest in established businesses with further growth potential.

Alantra’s experience in the asset class includes investments in primary growth-stage Energy Transition companies through Klima and the recently launched Klima II, which has secured a €70mn commitment from the European Investment Fund, as well as clean-energy infrastructure investments, with 565 MW of capacity acquired to date. The new secondaries strategy builds on this track record and extends Alantra’s offering across primary and secondary markets.

Horizon Secondaries is the first vehicle launched under the new strategy, which is intended to pursue further secondary investment opportunities through dedicated vehicles. It is also the third vehicle launched by Alantra Asset Management this year to provide investors with access to direct investment opportunities in pre-identified assets, following the Health in Code continuation vehicle and the Salto co-investment vehicle.

Patricia Pascual-Ramsay, CEO of Alantra Asset Management, said: “The launch of this new business line is an important step in the continued development of Alantra Asset Management and reinforces Energy Transition as one of our strategic growth areas. The market has reached a point where a growing number of high-quality companies are becoming accessible through secondary transactions, creating a compelling long-term opportunity for investors. Our experience across the asset class gives us a deep understanding of the underlying technologies, business models and market dynamics, allowing us to identify opportunities where we believe we can deliver differentiated value.”

Guido Geheniau, Director at CommonWealth Investments, commented: “As an independent Amsterdam based investment office with a long track record in secondaries, we know how much value there is in well-run, growth-stage businesses where one shareholder is ready to move on while others stay in for the next phase of growth. Horizon Secondaries lets us apply that same patient, hands-on approach at an international scale, partnering with Alantra’s asset management team.”

Nicolas Muller, Managing Director, Head of Private Equity Partnerships at Blue Earth Capital, added: “This transaction is an important milestone for Blue Earth Capital’s impact secondaries strategy. A generation of energy transition companies has matured over the past decade, yet the liquidity options available to their early backers have not kept pace. We are delighted to partner with Alantra to help close that gap and build a more efficient secondary market for climate and energy transition assets.”

Quennie Co, Managing Partner, Shell Ventures, said: “Alantra’s focus on high-growth businesses and its global footprint mean it is well-placed to support these companies as they continue to scale. Today’s announcement, which represents a small proportion of the Shell Ventures’ quality portfolio, reflects our strategic focus on concentrating our support where we can have the greatest impact. We remain committed to investing, deploying and scaling innovative energy solutions.”

The transaction remains subject to transfer and closing conditions and regulatory approvals.

Alantra Asset Management currently has c. €3.2bn of fee-earning assets under management across Private Equity, Private Debt, Active Funds, and Energy strategies, of which c. €450mn are invested in the Energy Transition asset class. As part of its 2026–2028 strategic plan, the firm aims to grow fee-earning assets under management to c. €10bn, supported by the continued expansion of its existing investment capabilities and the selective acquisition of specialized European asset managers.