The Team: Owners and Investors
PowerBridge, LLC of Fairfield, Connecticut, through its subsidiary Neptune Power Ventures, LLC, is the sole managing member of Neptune Regional Transmission System, LLC (Neptune RTS), which is responsible for owning, constructing, and operating the Neptune transmission line. Owners of Neptune RTS include the principal equity investors and the original development company for the project. PowerBridge is also responsible for development, construction and operation of the Hudson Transmission Project and is currently engaged in the development of West Point Transmission as well as several other energy and infrastructure projects.
Energy Investors Fund and Starwood Energy Group Global, LLC were the original principal equity investors in Neptune RTS. Currently, the principal equity partners are CalPERS, California Public Employees’ Retirement System, NM Neptune, LLC, an affiliate of the Northwestern Mutual Life Insurance Company, and Ullico Inc., an insurance and financial services company that focuses on the union market.
CalPERS is the nation’s largest public pension fund with assets totaling $237.6 billion. CalPERS investment portfolio is diversified into several asset classes and follows a strategic asset allocation policy that targets the percentage of funds to be invested in each asset class. The growing infrastructure investment portfolio includes transportation, energy, natural resources, utilities, water, and communications. Neptune marks CalPERS second direct infrastructure investment, following the purchase of an equity stake in London’s Gatwick Airport in 2010. CalPERS acquired its interest in Neptune from ArcLight Capital Partners in 2012.
NM Neptune, LLC is an entity within Northwestern Mutual Capital, a subsidiary of The Northwestern Mutual Life Insurance Company, which manages over $33 billion of private assets for its clients across a portfolio of investment grade private placements, mezzanine and equity co-investments in private equity transactions and private equity funds. Northwestern Mutual has more than $217 billion in assets and offers a wide range of financial security products and services.
Ullico has been serving labor families for more than 85 years with a wide range of insurance products, as well as investing in major construction projects and in the energy and utilities sector. The Ullico family of companies includes The Union Labor Life Insurance Company; Ullico Casualty Group, Inc.; Ullico Investment Company, Inc.; and Ullico Investment Advisors, Inc. Ullico acquired its interest in Neptune in 2014.
Atlantic Energy Partners (“AEP”) was the original development company for the project.