TCW Power Group

Alternative Products Division

TCW recently formed the TCW Power Group, and Brian Daly joined to lead the effort. Brian has been active in the power market for more than 25 years, and he led TCW’s power group from 1994-2008. During his career Brian has made over 90 investments in the power sector, representing approximately $2.5 billion.

At-A-Glance

 

Investment Team

  • Brian J. Daly
  • William W. Cavers
  • William VanHerwarde

Key Investment Focus

  • Will invest in mezzanine debt of middle-market power generation and infrastructure assets, such as transmission, biofuels, and environmental control
  • We believe the middle-market sector offers an attractive risk/return profile 

Investment Philosophy

  • Source the investments through a network of longstanding relationships, and work with experienced IPP management teams operating proven technologies
  • Invest in long-lived cash generating assets in underserved or niche markets
  • Investments are generally structured as self-amortizing debt with equity options to create potential upside  

Investment Process

  • A disciplined investment process that has been tested over several economic cycles
  • Regularly monitor the financial and operating reports, have frequent interaction with the management teams, and carefully monitor the investments to track performance relative to our expectations
  • With more than 25 years experience in the power market, over 90 investments have been made in the sector, representing approximately $2.5 billion
  • The team has the network, access, relationships, and skills necessary to source and structure new investments

Investment Team

  • Photo: Brian J. Daly
    Brian J. Daly
    Managing Director

    Mr. Daly is head of TCW’s Power Group where he leads TCW’s efforts in the sector focusing on the mezzanine segment of the Power and Infrastructure market. Prior to rejoining TCW in December 2014, he was Head of the Energy Finance Group at Babson Capital. Prior to that, Mr. Daly was Managing Director and Head of Power for the former Energy and Infrastructure Group at TCW. He was also the Senior Portfolio Manager for the $500 million Boilermaker Cogeneration and Infrastructure Fund from 1996. Mr. Daly was responsible for more than 90 investments representing over $2.5 billion of capital in the power, bio-fuels, and infrastructure areas. In addition to investment, Mr. Daly was instrumental in creating and raising, with joint venture partners Swiss Re and Conning, the European Clean Energy Fund (€354 million) which was the largest dedicated power fund in Europe at its closing. Prior to joining TCW in 1992, Mr. Daly was with Axel Johnson Energy Development and Long Island Lighting Co. He has served on the Board of Directors of the Bank of Labor since 2011. Mr. Daly is a graduate of Rensselaer Polytechnic Institute with a BS in Mechanical Engineering and earned an MBA in Finance from Baruch College of CUNY.

  • Photo: William W. Cavers
    William W. Cavers
    Senior Vice President

    Mr. Cavers joined TCW’s Power Group in 2015 as Senior Vice President and is responsible for the origination, due diligence review, structuring, and execution of new investments, and the ongoing management of portfolio investments. Mr. Cavers has extensive experience in the U.S. Power and Renewables market. In the several years prior to joining TCW, Mr. Cavers was engaged as an investment/credit analyst for a U.S. institutional investor. He also served as a lead credit officer at the U.S. Department of Energy on two $1.2 billion Energy project loan guarantees and was hired by BrightSource Energy to raise two $1.4 billion non-recourse loans for solar generating projects. From 2007-2011, Mr. Cavers was a senior lending officer at TD Bank/TD Securities, re-establishing the group’s presence in the U.S. Power sector. From 2004-2006, he worked at Macquarie Securities, leading their NYSE-listed entity’s acquisition of Hawaii’s regulated gas utility. Prior to that, from 1993-2004, Mr. Cavers worked at GE Energy Financial Services originating and executing customized investments in Power and Infrastructure and serving on the boards of several energy ventures. Mr. Cavers holds an MBA in Finance from the University of Michigan, is a graduate of JP Morgan’s credit training program, and has a BA in Political Science from Johns Hopkins University.

  • Photo: William VanHerwarde
    William VanHerwarde
    Senior Vice President

    Mr. VanHerwarde re-joined TCW’s Power Group in 2015 as a Senior Vice President responsible for the origination, due diligence review, structuring, and execution of new investments. Prior to re-joining TCW, Bill was a Managing Director and on the investment committee of the Energy Finance Group at Babson Capital. Prior to Babson Capital, Bill was Executive Vice President of Atlantic Sea Island Group, where he was responsible for the financing and permitting activities for the 2 bcf/d LNG facility to be located off the Coast of New York City. Prior to joining ASIG in 2006, Bill was a Senior Vice President in the Energy and Infrastructure Group at TCW where he was responsible for originating, closing and monitoring senior and mezzanine debt and equity on behalf of four funds in the power and bio-fuel areas. Prior to joining TCW in 1999, he served as Manager, Structured Finance with PSEG Global where he focused on financing power projects in the Middle East. In addition, Bill held technical and financial positions at General Electric, Worthington Pumps, and Babcock and Brown. He is a graduate of Worcester Polytechnic Institute with a BS in Mechanical Engineering and earned an MBA in Finance from State University of New York at Albany.

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