Investment Profiles

Impact and Investment Thesis

The company’s success directly translates into improved patient outcomes; certain Retina practices have better vision acuity scores than regional and national averages, meaning that their patients’ vision is restored more quickly and to higher levels than other practices. The ophthalmology industry is driven by strong tailwinds, the most important of which are an aging population and the increasing ability to treat ocular conditions.

Recent Activity

• In January 2025, Retina Consultants of America was purchased by Cencora, Inc. (NYSE: COR).

• During our hold period, the company grew to be the nation’s leading network of retina care specialists, delivering sight-saving care across 250+ clinic locations through 45 acquisitions and geographic expansion from 4 to 23 states.

• Retina Consultants of America’s physicians have pioneered clinical trial development for advanced therapeutic and surgical treatments providing groundbreaking care to thousands of patients nationwide and continuing to give them access to cutting-edge medical technologies and treatments in an affordable care setting.

Investment Profiles

Impact Metrics

acre-feet physically recharged
with water

2,100

MWh of on-farm solar generation and solar generation at facilities

5,100

acre-feet of total marketable water recharge credits

acres of sustainably managed land

41,300

65,400

Impact and Investment Thesis

The General Partner seeks to generate value by optimizing water and land use with a primary focus on opportunities located in the western U.S. and a secondary focus on opportunities in Australia, Chile and other regions globally. RRG has partnered with The Nature Conservancy, which will assist in evaluating and sourcing opportunities, while ensuring that investments are aligned with conservation objectives.

As of March 31, 2025, the Fund was fully committed across 12 active, project-based investments across the U.S., Australia, Chile, Peru and Uruguay, which generated the following outcomes in 2024

• 2K acres of fertilizer-intensive sugarcane replaced with native macadamia trees and cover crops & 26 acres of native tree species planted, which provides forage for pollinators and improves water quality in the Richmond River.

• 12.8K acres of native mallee bushland protected via one of the largest Heritage Agreements in South Australian history to safeguard an important “Last-Chance Ecosystem.”

• 560 acres of land well suited for restoration of grasslands and wetlands sold to environmental NGO River Partners for permanent protection.

• 44 acres of Mediterranean habitat restored on a farm, completing a 110-acre wildlife corridor through the property that will facilitate movement of animals across a landscape otherwise fragmented by agriculture.

• 10 acres of woody understory planted, completing an 18-acre wildlife corridor that facilitates the movement of birds between two protected areas.

• 111 acre-feet of water recharged to the Ica Aquifer in Peru to support groundwater sustainability.

• 300 KW of solar installed to power ~50% of farm electricity needs.

• ~60% reduction of methane emissions on 120 acres during second year of alternative rice-cultivation pilot with no material impacts to yield.

• New research study launched to better understand the Ica Valley’s aquifers and contribute to sustainable groundwater management decisions.

• New research study initiated to measure the value of ecosystem services provided to the avocado plantation by an adjacent protected native Mediterranean habitat.

• 3K acres of temporary deep wetlands created for water birds & 190 acres of temporary shallow wetlands created for shorebirds migrating along the Pacific Flyway.

• 992 acres of cover crops maintained to provide a winter foraging habitat for birds.

Investment Profiles

Impact and Investment Thesis

Smart Wires’ power flow control devices allow utilities to increase the efficiency and resiliency of existing infrastructure. This innovative Smart Valve technology addresses the growing problem of energy grid capacity, utilization and congestion, which demands $90 billion per annum of spend over the next 10 years in the U.S. and Europe.   

Recent Activity

• Smart Wires completed a recapitalization, which resulted in the repurchase of all existing ordinary shares, marking the complete exit and loss of investment. (November 2023) 

• Going forward, the Company continues to drive the energy transition through the completion of existing and launch of new renewable energy projects.    

Investment Profiles

Impact Metrics

Impact Over Hold Period

Electricity Use Reduced (MWh)

2024

2023

Impact and Investment Thesis

Ubicquia’s technology leverages existing infrastructure to make cities smarter, safer and more connected by reducing energy costs and expanding public broadband, helping to bridge the digital divide. The Company is expected to undergo significant growth as it scales its 5G technology and leverages existing key partnerships with AT&T and Ericsson.

Recent Activity

• Ubicquia launched its Storm Response and Vegetation Encroachment Reporting technology, which offers real-time insights and analytics designed to help utilities accelerate their response to severe weather events and proactively predict potential power and equipment issues before they cause outages; these sensors have been deployed in over 800 U.S. cities. (August 2024)

• Ubicquia launched the UbiCell Utility-Grade Universal lighting controller, a versatile streetlight controller designed to be compatible with a wide range of streetlight configurations and voltages, accelerating the modernization of urban lighting systems with lower costs and increased energy efficiency. (October 2024)

Investment Profiles

4.4M

9.0M

2.2M

2.1M

Impact Over Hold Period

Municipal Solid Waste Treated (Metric Tons)

2024

2023

Impact Metrics

Impact and Investment Thesis

Currently, the majority of the world’s waste is either landfilled or dumped, both highly unsustainable solutions. Viridor’s EfW facilities limit the amount of waste that is landfilled or dumped and generates partially renewable energy as a by-product. The company’s EfW business is backed by local authority contracts in the U.K. These contracts have tenures of 20-25 years with contracted inflation-linkage, proven high margins and strong cash conversion.

Recent Activity

• Viridor aims to achieve net-zero emissions by 2040 and become the first net-negative emissions waste and recycling company in the U.K. by 2045.

• The company assumed full ownership of Quantafuel, which transforms hard-to-recycle polymers back into base molecules to be used for new plastics production, reflecting the Company’s ambition to lead innovation in the plastics recycling industry. (February 2024)

• Viridor initiated a carbon capture storage project at the Runcorn Energy Recovery Facility, representing a landmark initiative aiming to make the site carbon neutral by capturing 900K tons of CO2 annually – effectively removing 450K tons of carbon from the atmosphere and positioning the U.K. as a global leader in negative emissions technology. (April 2024)

• The company facilitated the opening of ReSource Denmark, the country’s largest and state-of-the-art plastic sorting plant, setting new benchmarks in plastic recycling in Denmark. (June 2024)

• In 2024, Viridor generated 1.3M megawatt-hours of renewable energy – a decline when compared to the prior year as 2024 was an outage year for several of the plants; however, Viridor is expected to increase levels above prior years in the future.