Spring Group started in 2003 with Halcyon Power Investment Company, a closed end vehicle making private equity investments in companies related to power utilities in Russia. Why Russia? Because it is a beautiful country undergoing massive transition. The reform of Russia’s power utility sector was the biggest sector restructuring ever to be carried out anywhere in the world. At least $200bn of companies and assets all restructured, much of it privatized.
The power sector reform was completed (or at least halted) in 2008. We then expanded in different directions. Listed equities are managed by Spring Capital, which still concentrates on Russia and the surrounding region. Private equity is managed by Spring Energy Ventures. Spring Energy Ventures concentrates on energy transition, including renewable power, power storage, energy efficiency, distributed energy, district heating, grid flexibility and other related areas. Spring EV maintains a strong knowledge base in Russia but concentrates in Western Europe. We are particularly interested in technologies and activities which are developed in Western Europe and have applications in emerging markets. Although Europe is important, the future of the world depends on what happens in emerging markets.
Members of our team continue to explore investment themes particularly related to transition. In 2017, we launched investments in crypto assets, as decentralized ledger has the potential to dramatically change the ways in which we transact with each other. The technology is still very early and few, if any, of the existing assets are likely to survive but the technology will affect our future and we will remain engaged. We have invested in property since 2010 in both Western and Eastern Europe.