Current Holding

·

Acquired 2016

GES

An independent energy storage company developing and operating first-class storage assets to create a global terminal network.

STATUS

Current holding

Sub-sector

Strategic infrastructure and lifecycle services

HQ

Singapore

Fund

ファンドII

Overview

GES comprises a core asset group of operational storage terminals — two of them greenfield projects built by GES — generating significant long-term, contracted income and underlying free cash flow from blue-chip counterparties such as Varo Energy, Equinor and Vitol.

The terminal portfolio stores products such as gasoline, ethanol, naphtha and LPG, enhancing energy security in key geographical regions.

Over time, three of the four assets were sold individually — starting with Hamriyah in 2024, then Amsterdam and Rotterdam in 2025.

Approx. Revenue

$20m

Employees

~60

Countries

1

Bolt-on acquisitions

4

Why we invested

01

Repeat team, repeat model — a world-class management team with over 100 years of collective experience owning, operating and adding value to storage and logistics assets.

02

Growing energy and energy-related infrastructure requirements for crude and natural-gas processing, transport, refining, storage and logistics, given increasingly disparate locations of hydrocarbon supply and demand.

03

Develops and expands accretive strategic brownfield or greenfield storage projects.

04

High proportion of contracted, long-term revenues and highly stable cash flow.

Buy-and-build

Acquisitions completed under Bluewater ownership, building Authentix into an integrated global authentication and supply-chain integrity platform.

2016

Amsterdam

2018

Hamriyah

2018

Port Klang

2021

Rotterdam