Investment Portfolio

Exited

iClean

Integrated Cleanroom Technologies

Hyderabad, India
Initial Investment: December 2012
Exited : December 2015

Integrated Cleanroom Technologies Limited (“iClean”) is engaged in design, manufacture, and installation of prefabricated modular cleanrooms and accessories, cleanroom equipment, air handling units (AHUs), and lab furniture. iClean provides manufacturers in various verticals, such as pharmaceuticals, biotechnology, and food and beverage, with a clean, safe environment in which to create uncontaminated products. Additionally, iClean’s solutions produce energy efficiency gains from better design and insulation, resulting in lower energy consumption and savings.

www.icleantech.com

Greenko

Greenko Group

Hyderabad, India
Initial Investment: November 2009
Exited: November 2015

Greenko (London Stock Exchange: GKO) is a leading clean energy producer supporting India’s rapidly increasing energy demand and energy security needs. Since it was launched in 2006, the company has become one of the largest players in the renewable energy market in India, with a number of biomass and hydro projects spread across the country. These projects include 260 MW of operational power assets. Greenko is supported by an experienced team that has financed, developed, and operated significant portfolios of clean energy assets around the world.

www.greenkogroup.com

Mozwood

Mozambique
Initial Investment: November 2009
Exited: November 2014

Mozwood is a 25-year concession, approved in 2009, which combined with the Pemba Sun concession consists of 160,000 hectares of Eastern Miombo Woodlands in Mozambique. Together, the concessions have in excess of 200,000 m3 commercialized hardwood volumes and approximately 280,000 m3 of species that can be commercialized.

Pemba Sun and Mozwood

Cabo Delgado Province, Mozambique
156,000 hectares
Initial Investment: March 2009
Exited: November 2014

Pemba Sun and Mozwood are sustainably managed tropical hardwood concessions in the Eastern Miombo Woodlands of Mozambique.

Terszol

Terszol Kft.

Budapest, Hungary
Initial Investment: February 2009
Exited : December 2015

Terszol Kft. is an integrated waste management and environmental remediation services business based in Hungary. Since its founding in 1988, the company has grown through greenfield development and acquisitions from a remediation business focused on industrial site cleanup work to an integrated provider of industrial and municipal waste handling, remediation, and disposal services.

www.terszol.hu

MonteAlto

Monte Alto Forestal

Punta Arenas, Chile
55,539 hectares
Initial Investment: November 2008
Exited: December 2015

Monte Alto is a forest property in Southern Chile which consists of 41,300 hectares of native Lenga forest (Nothofagus pumilio), and the company serves both domestic and international customers. The Monte Alto property is a naturally occurring homogeneous forest with 2.8 million cubic meters of standing saw logs and more than 15 million cubic meters of total biomass. The business also includes a sawmill, which GEF plans to expand and modernize, increasing production from 25,000 cubic meters per year to 75,000 cubic meters per year while improving yield and product mix.

www.montealtoforestal.cl

KEYW

KEYW Corporation

Hanover, MD
Initial Investment: August 2008
Exited: September 2010

KEYW Corporation provides a rapid response engineering capability tailored to serve the intelligence, surveillance, and special military communities. The firm seamlessly integrates both organic and trusted partner capabilities into a single team to solve customer’s mission requirements. KEYW custom builds a specialized engineering team from the ground up, tailored to supporting their unique needs. Each engineering team is designed for QRC/rapid response and addresses every aspect of the life cycle: concept, engineering and development, test, production, field deployment, operation, and maintenance. Current customers include the National Security agency (NSA), other intelligence agencies, the Department of Defense, and other federal defense and law enforcement agencies.

www.keywcorp.com

Duoyuan

Duoyuan Global Water

Beijing, China
Initial Investment: February 2008
Partially Exited: February 2010

Duoyuan Global Water, founded in 1992, supplies water treatment equipment in China. The company offers products that address key steps in the water treatment process.

www.duoyuan-hq.com

KnightCarver

Knight and Carver Wind Group

National City, CA
Initial Investment: December 2007
Exited: October 2010

Knight & Carver Wind Group provides repair and maintenance services to wind farm owners and operators throughout the United States. The company specializes in manufacturing, repair, and servicing of small- to large-scale wind turbine blades from a wide range of suppliers. Knight and Carver Wind Group was acquired by UpWind Solutions in September 2012.

Empresas Verdes Argentina

Corrientes, Argentina
Initial Investment: October 2007
Exited: February 2010

Empresas Verdes Argentina S.A. (“EVASA”) is a plantation forestry company located in the Province of Corrientes in the north central Mesopotamia region of Argentina. The company owns a total property base of approximately 55,000 hectares of which an estimated 24,000 hectares are planted with pine species on a 20-year rotation. The remainder of the property consists of wetlands and protected areas. EVASA has embarked on planting, thinning, pruning, and fire control. Throughout the investment period, EVASA added industrial capacity in stages, beginning with a small log line to process forest thinnings.

HijauanBengkoka

Hijauan Bengkoka

Sabah, Malaysia
25,000 hectares
Initial Investment: August 2007
Exited: June 2013

Hijauan Bengkoka (“Greening Bengkoka”) is an integrated forest products operation on the Bengkoka Peninsula in northern Malaysia. In partnership with the Sabah Forestry Development Authority (SAFODA), Hijauan Bengkoka will harvest and replant 25,000 FSC™-certified hectares of Acacia mangium under a long-term concession. A newly built state-of-the-art chip mill has an annual output capacity of 180,000 metric tons, which will supply the growing fiber markets in Southeast Asia.

www.hijauanbengkoka.com.my

DQY

DQY

Beijing, China
Initial Investment: May 2007
Exited: April 2010

Beijing Deqingyuan Agricultural Technology Company (“DQY”) produces nationally certified, high-quality, branded chicken eggs on an “eco-farm” 100 kilometers outside of urban Beijing. The company operates its site under tight quality and bio-security conditions and high environmental and animal welfare standards. DQY sells to urban, middle-class consumers, who are increasingly seeking safe, high-quality foods and who can afford to pay a premium for such products. GEF’s ownership in DQY was acquired by management and existing shareholders in March 2010.

dentistanbul

Dentistanbul

Istanbul, Turkey
Initial Investment: March 2007
Exited: November 2010

Dentistanbul is a leading private dental care provider in Istanbul and has the only licensed private dental hospital in the country. It has established a brand recognized as the preeminent provider of high-quality, reasonably priced, full-service dental care in Istanbul, meeting the needs of Turkey’s growing middle class. The company was acquired by Rhea Asset Management November 2010.

Haverfield

Haverfield Corporation

Gettysburg, PA
Initial Investment: March 2007
Exited: July 2015

Haverfield is the leading provider of aerial power line inspection, maintenance, and construction support services to the electric power industry in the United States and internationally. The company services major utilities, improving the efficiency of the electricity grid by providing safe and cost-effective maintenance in remote, rugged terrain and environmentally sensitive areas that are costly to maintain conventionally.

www.haverfield.com

Cantaloupe

Cantaloupe Systems

San Francisco, CA
Initial Investment: November 2006
Exited: January 2017

Cantaloupe is a leading developer of complete wireless machine-to-machine communications solutions for the vending machine industry. Cantaloupe’s technology, embodied in its “Seed” platform, enables vending operators to centrally monitor the operating status and inventory of its machines through real-time data delivered over the Internet, thus increasing productivity and efficiency and lowering overall operating costs.

www.cantaloupesys.com

reva

Reva Electric Car Company

Bangalore, India
Initial Investment: November 2006
Exited: May 2010

REVA manufactures electric vehicles for the Indian and European markets. The cars offer maneuverability in cities with small roads and congested traffic, as well as quiet and clean operation, with low energy requirements. Reva was acquired by Mahindra & Mahindra, one of the world’s largest producers of cars, trucks, and tractors in May 2010.

www.revaindia.com

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SPG Solar

San Rafael, CA
Initial Investment: October 2006
Exited: September 2015

SPG Solar is a leading solar solutions provider specializing in the development, design, and construction of solar photovoltaic systems. SPG has designed and installed over 900 grid-tied PV systems for homes, small businesses, and large-scale commercial and government facilities, addressing the rapidly growing demand for solar energy. In addition, SPG’s All Weather SunSeeker Tracker is providing businesses and communities in all weather conditions a reliable solar tracking system that maximizes returns. SPG was acquired by SunEdison in December 2014.

www.spgsolar.com

BlueRidgeNumerics

Blue Ridge Numerics

Charlottesville, VA
Initial Investment: April 2006
Exited: March 2011

Blue Ridge Numerics provides computational fluid dynamics software solutions known as CFdesign. The software enables the rapid design of efficient products and facilities by allowing engineers to quickly simulate a wide range of fluid flow conditions, through and around object designs, optimizing product design well before reaching the prototype phase. Blue Ridge was acquired by Autodesk in 2010.

www.cfdesign.com

UNIRAC

Unirac

Albuquerque, NM
Initial Investment: February 2006
Exited: May 2010

Unirac is the leading provider of solutions and services designed to meet the needs of the solar installation industry. The company was acquired by Hilti Group in May 2012.

www.unirac.com

Sensicast

Sensicast Systems

Needham, MA
Initial Investment: August 2005
Exited: April 2009

Sensicast provides solutions for managing, monitoring, and deploying wireless mesh sensor network systems to the manufacturing industry. The company has developed a proprietary, robust wireless networking protocol that operates reliably in difficult environments where RF communications are challenging. Its sensors are used to increase manufacturing efficiency in a wide variety of industrial applications, including temperature, chemical, and airflow sensing. Sensicast was acquired by Amgas in April 2009.

SignatureControl

Signature Control Systems

Denver, CO
Initial Investment: July 2005
Exited: April 2015

Signature Controls provides an innovative, integrated process control system, SmartTag, to industries manufacturing non-metallic products. The company’s technology addresses critical manufacturing issues in markets such as engineered wood products, molded thermoses plastics, molded rubber products, thermoplastics, molding compounds, and aerospace composites. The control system improves efficiency and minimizes waste while ensuring product quality.

www.signaturecontrol.com

Xymetrex

Tinton Falls, NJ
Initial Investment: February 2002
Exited: May 2005

Founded in 2001, Xymetrex, Inc. specializes in the remote monitoring and collection of metered power usage data. Xymetrex provides timely and accurate automated collection and reporting of electric power, natural gas, and water usage, as well as other building parameters to corporate utilities, municipalities, and energy service providers.

BlueRidge

Blue Ridge ESOP Associates

Charlottesville, VA
Initial Investment: January 2002
Exited: August 2003

Blue Ridge ESOP Associates, Inc. was founded in 1988 to provide independent administration and record-keeping assistance for qualified retirement plans, focusing on serving the needs of companies with employee stock ownership plans (ESOPs). Blue Ridge’s clients are U.S.-based companies. The company’s proprietary software systems are used to manage and process vast amounts of record-keeping data subject to very complex state and federal regulatory requirements.

www.blueridgeesop.com

Global Forest Products

Mpumalanga Province, South Africa
90,000 hectares
Initial Investment: February 2001
Exited: July 2007

GEF acquired the plantations, along with three sawmills and two value-added processing facilities (South Africa Plywood (Pty) Limited), to establish Global Forest Products (Pty) Ltd. (“GFP”), an integrated forest products company based in South Africa’s Mpumalanga Province. Although the plantations were producing high-quality trees at the time of acquisition, the processing infrastructure was badly run-down, and the business was underperforming. GEF achieved certification as “well-managed” by the Forest Stewardship Council™ (FSC™) for GFP’s 90,000 hectares of plantations and protected areas, meeting an internationally recognized set of environmental, social, and operational criteria for sustainable forest management. GFP also demonstrated its commitment to its 2,000+ employees, and the communities in which they lived, by providing health, sanitation, education, and other human services. Examples of services GEF introduced were health clinics and HIV counseling, clean water, local schools, and nutrition programs. GEF recruited an international management team and implemented a significant capital expenditure program to modernize outdated equipment. With a new focus on product quality and customer service, along with extensive employee training at all levels of the company, the business returned to profitability by 2006. Under GEF ownership, revenues increased by a compounded annual growth rate of 15%. In 2007, GEF sold GFP and related entities to York Timber, a publicly listed South African forest products company, returning the company to historically under-represented African ownership.

Athena

Athena Technologies

Warrenton, VA
Initial Investment: December 2000
Exited: March 2008

Athena Technologies, Inc. was formed in 1998 as a spinout from Aurora Flight Sciences Corporation to segregate and further develop its unique controls capabilities and realize the full value of Athena’s fault-tolerant control systems across their many industry applications, including energy systems and avionics. Athena was purchased by Rockwell Collins in 2008.

EuroMedic

EuroMedic International

Budapest, Hungary
Initial investment: December 2000
Exited: July 2005

Euromedic International, N.V. is a major healthcare services company in Central Europe operating two distinct lines of business: diagnostic imaging and dialysis centers. Since late 2000, Euromedic has grown to be one of the largest private healthcare providers in Central Europe, with centers in five countries and expansion underway in two others. Building on its successful operations in Hungary, Euromedic has expanded into underdeveloped and fragmented markets in Central Europe, seizing the opportunity of regulatory changes to establish dialysis and diagnostic imaging centers in underserved regions where demand exists for modern and efficient healthcare services.

www.euromedic.com

Geodex Communications

Brazil
Initial Investment: December 2000
Exited: October 2008

Geodex Communications was a Brazilian-based telecommunications company whose core asset is a fiber optic network primarily laid along railway rights of way. In 2000, these rights were spun out of America Logistica Latina (“ALL”). The company operates a 10,700 kilometer fiber network in southern and southeastern Brazil of which 25% is lit. Geodex’s primary business is in the carriers’ market, selling capacity to the main local operators. Throughout the investment period, Geodex made progress in adding corporate customers to become less dependent on the carrier market. In 2007, Global Village Telecom acquired Geodex.

www.geodex.com.br

Buenos Aires al Pacifico San Martin

Argentina
Initial Investment: September 2000
Exited: August 2002

Buenos Aires al Pacifico San Martin S.A. (“BAP”) began operations in 1994 following the privatization of the Argentine rail lines, which was designed to attract investment to an underutilized and poorly maintained rail sector. BAP links production centers of industrialized products such as cement, wine, water, soy pellets and oil, minerals, and agriculture to ports and consumption centers such as Buenos Aires and Rosario. The company hauls more than 2 million tons of cargo per year and has a cargo base not generally subject to seasonal fluctuations. BAP was acquired by America Latina Logistica in 2002.

EssexCorp

Essex Corporation

Columbia, MD
Initial Investment: September 2000
Exited: Various Dates

Essex Corporation is an optical and digital signal processing company developing technologies and systems that enable next-generation products, such as fiber-optic transmission, wireless telecommunications, high-speed optoelectronic processors, and advanced semiconductor chips. Essex’s products and services incorporate high-throughput optoelectronic processors and receivers for: image, signal and data processing, advanced communications systems for government/defense applications, application to crucial environmental monitoring services (ground-penetrating radar and airborne geographical data collection), and magnetic resonance imaging procedures (high-speed MRI). Essex was purchased by Northrop Grumman in 2007.

International Hospital Corporation

Brazil
Initial Investment: July 2000
Exited: December 2009

International Hospital Corporation (“IHC”) was formed in 2000 as a holding company to build a hospital network in Brazil. Building on an initial three facilities, IHC has acted as a consolidator in the hospital market, capitalizing on the fragmented nature and uneven quality of care characterizing the industry. In Brazil, most facilities were too small to benefit from economies of scale and unable to fund needed capital expenditures to continuously improve service, a growth area for IHC.

www.ihchospitalium.com.br

Modern Asia Environmental Holdings

Bangkok, Thailand
Initial Investment: April 2000
Exited: December 2005

Modern Asia Environmental Holdings Inc. (“MAEH”) develops and operates industrial waste facilities throughout Southeast Asia. MAEH is the sole provider of environmentally compliant hazardous waste disposal services in Indonesia and one of only two compliant providers in Thailand. MAEH provides an opportunity to address a troublesome environmental situation in the region where waste is disposed of in rivers and other uncontrolled areas in the environment.

NikoResources

Niko Resources

Calgary, Canada
Initial Investment: June 1999
Exited: Various Dates

Niko Resources is a Calgary, Canada-based independent international oil and gas company with operations in India, Bangladesh, Indonesia, Kurdistan, Trinidad, Madagascar, and Pakistan. In 2000 Niko secured a 10% interest in the D6 Block located offshore on the east coast of India where Niko and its partner, Reliance Industries Ltd., have conducted successful exploration programs that resulted in the largest gas discovery in the world for the year 2002 with initial reserves of gas in place estimated to exceed 13 trillion cubic feet. In 2006 oil was discovered in the D6 Block with oil production commencing in September 2008. Niko is one of the largest exploration acreage holders in both Indonesia and Trinidad, has interests in 33 exploration blocks covering over 37 million acres (23 million net acres) in 7 countries and has production in India and Bangladesh.

www.nikoresources.com

Sanepar

Companhia de Saneamento do Parana

Parana, Brazil
Initial Investment: April 1999

Companhia de Saneamento do Parana (“Sanepar”) is the monopoly water and wastewater service provider for the state of Parana in southern Brazil. The company’s service area covers over 7.9 million people with water services and 3.6 million with sewage services. Sanepar has a strong fundamental business which is well respected throughout Brazil and Latin America. Sanepar’s technical expertise focuses on practices that have significant environmental impact, including reducing water lost to leakage, upgrading sewage treatment practices, and rationalizing the use of chemicals.

site.sanepar.com.br

ALL

América Latina Logística

Brazil and Argentina
Initial Investment: December 1998
Exited: Various Dates

América Latina Logística S.A. (“ALL”) began operations as an independent railroad company in 1997. The core Brazilian network was the result of privatization efforts designed to attract investment to an underutilized and poorly maintained rail sector. ALL expanded in 1999 with the acquisition of two rail concessions in Argentina. Today, ALL is the largest independent integrated logistics operator in South America with a network of over 16,000 kilometers of contiguous railway in Brazil and Argentina. The company’s operations cover an area representing over 60% of the GDP of the Mercosur trading block and serves many of the largest ports in Brazil and Argentina, including Paranagua, Buenos Aires, Rosario, and Rio Grande. Customers of the railway include some of the top agricultural and industrial companies in both Brazil and Argentina, covering sectors such as soy products and other grains, fuels, fertilizer, cement, wood products, and consumer goods.

www.all-logistica.com

ProductSoftwareDevelopment

Product Software Development

Bedford, MA
Initial Investment: May 1997
Exited: February 2001

Product Software Development, Inc. develops, markets, and supports enterprise asset maintenance software used by businesses, government agencies, and other organizations to assist them in maintaining high-value capital assets such as facilities, plants, and production equipment. The company currently operates under the name MRO Software, Inc. MRO complements its enterprise asset maintenance software with an Internet-based business-to-business e-Commerce network and set of desktop requisition and online procurement software products that enable businesses to engage in electronic commerce. MRO’s products allow customers to improve internal processes and compete more efficiently in an increasingly collaborative and electronic market. The company was acquired by IBM in 2006.

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