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In 2025, the Fund entered a new Investments and Partnerships phase.

Following a multi-year build-up

focused on strategy definition and team mobilization, the year was defined by active capital deployment, portfolio maturation, and disciplined growth.

The Fund continues to deploy equity across the energy supply chain, critical infrastructure, energy services, renewables, cleantech, and energy transition enablers. This clarity of mandate reflects institutional continuity, while execution momentum in 2025 demonstrates expanded capability.

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As of year-end 2025,
the investments
portfolio reached a
value of $1,635Mn.

This growth reflects disciplined capital

allocation rather than opportunistic expansion. The Fund continues to prioritize capital preservation, cash-flow visibility, and scalable platforms aligned with its long-term mandate. The year also included active portfolio optimization, e.g., the divestment from MOPCO.

1,635Mn

Investment portfolio reached a value of USD 1,635Mn

The Fund
at a Glance
in 2025

Portfolio size (Year-End):

USD 1,635 Mn

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Direct Commitments in 2025

USD 230 Mn

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Closed in 2025

USD 142 Mn

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Strategic Partnerships Formalized

3

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Divestment Proceeds

USD 60 Mn

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The Fund pursues both direct and indirect investments.

Direct investments focus on:

Mature platforms with established operations and scalable opportunities

Greenfield projects supported by proven technologies and robust contractual frameworks

The Fund does not invest directly in early-stage or non-mature technologies. Exposure to early-stage innovation is achieved indirectly. The TAEF–Hartree Cleantech Fund, primarily undertakes venture capital investments targeting next-generation energy technologies.

This disciplined approach ensures growth is aligned with institutional risk appetite and long-term capital stewardship.

The year featured several strategically significant equity transactions across supply chain infrastructure and new energy platforms:

Jaffurah Midstream Assets

Participation in a BlackRock-led consortium to develop midstream infrastructure for one of the world’s largest unconventional gas fields. This investment supports critical energy infrastructure of strategic importance.

Tagaddod

Investment in a leading Used Cooking Oil collection company to expand regional footprint and secure feedstock sourcing for the Fund’s future Sustainable Aviation Fuel platform.

PAL Cooling

Participation in a CVC-led consortium to acquire 100% of a leading district cooling platform in Abu Dhabi, reinforcing exposure to sustainable urban infrastructure.

APSCO

Acquisition of a minority stake to support downstream and aviation fuel expansion across regional and international markets.

Investing in
Sectors

Energy Supply Chain

New Energy

Infrastructure

Aviation & Downstream

In 2025, the Fund expanded its indirect exposure to global energy transition themes through commitments to:

01

TPG Climate Rise 2

02

Stonepeak Global Renewable Fund 2

03

I-Squared Capital Middle East Fund

These partnerships strengthen cross-border connectivity, enable exposure to large-scale renewable platforms, and reinforce collaboration with globally recognized investment managers.

2025 also reflected disciplined portfolio management through significant exits, e.g., MOPCO.

Portfolio Optimization and
Capital Recycling

Such exits demonstrate active capital recycling and portfolio optimization aligned with long-term strategy.

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Looking forward, the Fund will continue scaling the portfolio with emphasis on:

01

New energy technologies

02

Strategic supply chain infrastructure

03

Deepened co-investment partnerships

As the Fund enters its next chapter, equity deployment remains guided by institutional discipline. Growth is pursued through scalable platforms, structured governance, and capital stewardship aligned with long-term energy resilience.

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Growth and Impact

Expanding Impact Across the Energy Value Chain

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Up next

Treasury and
Capital Markets

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