Craton Equity Partners catastrophe
I was browsing through the CalPERS Private Equity Fund Performance reporting, and stumbled upon a fund called Craton Equity Partners I, L.P. that managed to achieve a -32.8% net IRR between 2007 and 2018, and essentially returned 10 cents on the dollar to its investors after more than ten years.
Without surprise, it seems that they never raised another fund and the GP closed down after exiting its last investment. Their investment thesis apparently focused on clean tech & energy with a Growth positioning.
The founder Robert MacDonald doesn't seem to have bounced back to something else since.
Just wondering if anyone could shed some light on how it turned so sour?
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Craton was acquired by TCW in 2013, not sure what happened after. But that is an impressive negative performance ...
There was a burst of cleantech funds from the 05-10 period that all sucked massively. I worked at one. It was not a fun time. The most well known busts were khosla ventures and vantage point. CALPERs went on record saying that cleantech was a noble way to lose money
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