Established in 1990, GEF Management Corporation, either directly or through its relying advisers
(together, “GEF” or “Global Environment Fund”), provides investment advisory services to a
group of affiliated, privately held pooled investment funds, or funds from many individual investors
that are aggregated for the purpose of investment in order to benefit from economies of scale, and
also may provide advisory services for clients in separately managed accounts (in aggregate, the
“Funds”). Additionally, GEF from time to time organizes and serves as general partner (or in an
analogous capacity) of certain other entities which are alternative investment vehicles established
to address, for example, specific tax, legal, business, accounting or other matters that may arise in
connection with one or more specific transactions of a pooled investment fund client.
These Funds generally invest in high-growth clean energy, energy efficiency and environmental
solutions industries throughout the world, with the objective of achieving long-term appreciation
for their investors. GEF also manages Funds that make direct investments in sustainable forest
management companies, principally in Africa. Target companies for these Funds include those
profiting from outstanding forest management practices, including the manufacture of
environmentally certified wood products, and those that have a leading market position in a
particular sector.
The principal owners of the firm are the beneficiaries of the estate of H. Jeffrey Leonard, indirectly
via trust entities.
Services Provided
While each of GEF’s Funds may have different investment criteria, the services that GEF provides
to the Funds tend to include some or all of the following: identification of potential investments,
financial analysis, investment structuring, acquisition services, post-acquisition monitoring,
disposition through private transactions or public markets, back-office administration, investor
relations, and other services. GEF may serve as the investment adviser or general partner to the
Funds in order to provide such services, or it may do so through one or more of its affiliates or
relying advisors.
Each Fund generally invests in companies offering products and services that are enabling the next
generation of resource efficiency and management. GEF uses two lenses to filter such investments.
The first is a financial lens – GEF seeks to partner with leading companies in markets where
business growth can result in significant financial returns for its investors. The second is an
environmental impact lens – GEF seeks to make investments where capital can result in a
measurable positive impact from an environmental perspective.
The specific investment strategy of each Fund is determined at the Fund’s formation and is
described in the Fund’s
private placement memorandum (“PPM”) and governing documents such
as a limited partnership agreement or analogous organizational document and/or side letters
(“Governing Documents”) and GEF tailors its advisory services to the specific mandate and
investment strategy of each client. In certain instances, Funds may be established only to make co-
investments alongside other Funds (“Co-Investment Funds”). Each investment strategy is led by
a team of investment professionals (“Team”), who provide certain of the investment services
described above, and other GEF personnel, who provide services and support to all of GEF’s
Funds. Investment advice is provided directly to the Funds and not individually to the investors
in the Funds.
Investment restrictions for the Funds, if any, are generally established in the Governing
Documents. The terms of the investment advisory services to be provided to a Fund, including
any limitations on investments in certain types of securities, are established by GEF as modified by
negotiations with investors in the applicable Fund, and are set forth in such Fund’s Governing
Documents and other documentation received by each investor prior to investment in such Fund.
Limitations may vary from Fund to Fund, and may relate to geography, diversification and
concentration, investment type (e.g. hostile takeovers of publicly traded companies, investment in
blind pools, and short selling apart from hedging transactions undertaken to limit risks associated
with a pre-existing investment), and other matters. Such limitations differ meaningfully from one
Fund to another, based on, among other things, the investment strategy of such Fund. Once
invested in a Fund, unless otherwise set forth in the Governing Documents, investors cannot
subsequently impose restrictions on the types of securities in which such Fund may invest.
The Funds are exempt from registration as “investment companies” under the Investment
Company Act of 1940, as amended (the “Investment Company Act”), and the regulations
promulgated thereunder. Interests in the Funds are offered only to qualified investors satisfying
the applicable eligibility and suitability requirements in private placement transactions globally.
Investors in the Funds are typically institutional investors and eligible high-net-worth individuals.
The relationship between GEF and each Fund is governed by the Investment Advisers Act of
1940, as amended (the “Advisers Act”) as well as the governing documents of each Fund and the
terms of investment advisory agreements concluded between GEF and each Fund.
Wrap Fee Programs
GEF does not offer wrap-fee programs to its clients.
Client Assets
GEF manages approximately $325 million of client assets as of December 31, 2023, all on a
discretionary basis.