The TCW Group has formed the TCW Power Group and made two senior hires for the new team.
The Power Group is part of TCW’s alternative asset management platform and is overseen by new hire Brian Daly, managing director and head of the TCW Power Group. Daly reports directly to Jess Ravich, group managing director and head of alternative products at TCW. Bill Cavers has also joined the Power Group as a senior vice president and reports to Daly. Both Daly and Cavers are based in TCW’s New York City office.
The TCW Power Group will focus on making middle-market mezzanine, equity and debt investments in projects and companies in the power generation, renewables, transmission, oil and natural gas, and energy-related industrial and infrastructure sectors.
“The formation of TCW Power Group expands our alternative asset management platform at a time when institutional investors are increasingly looking to make investment allocations in the energy sector,” says Ravich. “The new group also expands our mix of investment offerings in alternative products. We are very pleased to welcome Brian and Bill, and we look forward to their contributions both to the firm and to our institutional investors.”
Daly joins TCW from Babson Capital where he was head of the Energy Finance Group. Prior to that, he served as a managing director at TCW. In this previous position with TCW, Daly was responsible for more than 90 investments representing over USD2.4 billion of capital in the power, bio-fuels, and infrastructure areas.
Cavers has extensive experience in the power and renewable energy markets, including senior positions at GE Energy Financial Services where he originated and executed many of the group’s first investments in power and infrastructure. He also led Macquarie Securities’ acquisition of Hawaii’s regulated gas utility and served as a lead credit officer at the US Department of Energy.
“In general, middle-market power generation companies and projects have demonstrated positive, long-term growth,” says Daly. “The industry continues to provide us with very appealing investment opportunities, and we look forward to capitalising on those opportunities as part of TCW’s growing alternatives platform.”
