The Joule ERA Fund invests in energy efficiency and demand management projects. Deutsche Bank estimates the market for efficiency investments at $279 billion in the US alone. Joule's particular focus is on small and medium commercial facilities which comprise 97.5% of US commercial building stock. This is an attractive market for investments but has remained virtually untapped.

Fund Profile:
Base Returns: 8-10% secured yield
Enhanced Returns - upside with no additional capital investment, which is accessed via the fund manager's expertise.
Total Returns - 15%+ unlevered

Our investment strategy reflects our view that technology barriers to scaling efficiency investments are largely solved. Remaining barriers lie in classic market inefficiencies including lack of transparency, market fragmentation and lack of access to financing. For those with the expertise to overcome these barriers, the market holds compelling returns in both absolute and risk adjusted terms. Joule has a substantial pipeline of projects that adhere to this model and total capital commitments of $7 million.