IKAV

Managing Partners Constantin von Wasserschleben and Christoph von Guggenberg lead the firm's investment committee. Von Wasserschleben, a former executive at German industrial conglomerate Linde, brings operational energy expertise to the investment process. The firm operates a flat structure with decisions made jointly by the senior partners rather than through a large investment committee.

IKAV sources deals through bilateral negotiations with corporate sellers divesting non-core energy assets — Shell, ExxonMobil, and Duke Energy were all direct counterparties. The firm's technical operating teams identify under-managed assets before they reach broad auction processes. IKAV's indefinite hold structure also makes it a preferred buyer for sellers concerned about reputational risk from asset flippers.

IKAV exclusively executes direct asset acquisitions. The firm does not invest as a limited partner in third-party funds. Each asset is acquired on a standalone basis and operated by IKAV's in-house technical team. This eliminates the fee layering and alignment issues common in fund-of-funds structures.

IKAV does not invest in greenfield development, early-stage technology companies, or pre-revenue energy startups. The firm explicitly avoids assets that require construction or regulatory permitting before generating cash flow. It also stays away from emerging-market energy infrastructure, concentrating entirely on OECD jurisdictions with established rule of law.

IKAV structures most acquisitions through permanent capital vehicles rather than closed-end funds with defined exit dates. This aligns the firm with long-term asset optimization rather than forced sales. The firm's limited partners invest with the understanding that capital will be returned through yield distributions rather than a liquidity event.

IKAV does not pursue co-investment arrangements with other fund managers. Because the firm operates assets directly through its own technical staff, co-investing with a GP that uses third-party operators would create operational misalignment. IKAV acquires 100% control of each asset or occasionally partners with a financial co-investor that takes a passive minority position.

IKAV's portfolio concentrates on Italy, Spain, Germany, and the United States. The firm entered the US market meaningfully with the Aera Energy acquisition in 2022 and expanded further with the Duke Energy renewables deal in 2023. European assets are primarily solar and cogeneration facilities in Southern Europe, while US holdings span conventional oil and gas and utility-scale renewables.