Aquarian Acquires Majority Stake in PACE Equity

MILWAUKEE — Aquarian Holdings has acquired a majority stake in Milwaukee-based PACE Equity, a provider of funding for commercial property assessed clean energy (C-PACE) projects. As part of its investment, Aquarian will provide up to $1 billion of financing that enables PACE Equity to significantly scale its capacity and expand the reach and size of its debt financing projects. Aquarian’s Strategic Opportunities team led the transaction. DLA Piper served as legal advisor to Aquarian in connection with the transaction, and Gibson, Dunn & Crutcher LLP served as legal advisor to PACE Equity. Guggenheim Securities LLC was the financial advisor to PACE Equity. Aquarian maintains approximately $19.5 billion in assets under management.