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KKR completes first Australian investment through Global Impact Fund
Two BigLaw firms have advised on KKR’s investment in GreenCollar, a leading Australian environmental markets business.
Tony Zhang
Firms: Gilbert + Tobin (KKR); Herbert Smith Freehills (GreenCollar)
This marks the first Australian investment by KKR’s US$1.3 billion Global Impact Fund.
Herbert Smith Freehills advised GreenCollar and its founding shareholders on the investment in GreenCollar by KKR.
Value: Undisclosed.
Area: Private equity.
Key players: The Gilbert + Tobin team was led by corporate advisory partner Alex Kauye with support from Matthew Ampt, Ciara Coleman, Alon Takac, Stephanie Kolaczkos, Travis Cordingley, Rose Burnfield and Matthew Scrocca.
The Herbert Smith Freehills team was led by partner and Australian head of venture capital Peter Dunne, consultant Elizabeth Henderson, and solicitors Lisa Alderson and Catie Moore.
Deal significance: KKR’s Global Impact Fund aims to generate private equity risk-adjusted returns by investing in companies that contribute measurable progress toward one or more of the United Nations Sustainable Development Goals.
“From our close relationship with KKR, we know that impact investing is an area they are committed to and very passionate about. It has been a pleasure to work with the dedicated Global Impact team from KKR’s Singapore and Sydney offices to complete this milestone transaction,” Mr Kauye said.
“We look forward to watching GreenCollar’s business continue to thrive under this new partnership.”
GreenCollar was founded by climate change adviser James Schultz and a barrister, Lewis Tyndall. Mr Schultz continues to run the business.
GreenCollar specialises in land-based carbon abatement, partnering with landowners across Australia to develop projects that generate carbon credits and have positive environmental impacts.
It is understood GreenCollar has a strong track record of participating in auctions for the sale of carbon credits to the Commonwealth government via the $2 billion Emissions Reduction Fund.
“Herbert Smith Freehills has been outstanding. I was used to working with high-performing lawyers at the bar many years ago, but Peter Dunne, Elizabeth Henderson and their team jumped right in and never missed a beat handling four insistent and [highly detailed] bids with alacrity and deep skill — not to mention the legal demands and multi-stakeholder management inherent in the highly commercial successful bid,” GreenCollar’s co-founder and a former barrister, Mr Tyndall, said.
Ms Henderson added that in just over a decade, GreenCollar’s founders have built an incredibly successful and innovative business that delivers important conservation outcomes in land and water.
“The transaction was a competitive and intense process, and attracted substantial interest globally from prospective investors,” she said.
“We were pleased to work with GreenCollar’s founders and investors who believed in the company and have enabled it to enter its next phase of growth in partnership with KKR.”
