Cowen Investment Management

Cowen Investment Management was the asset management arm of Cowen Inc., a diversified financial services firm. Prior to Cowen Inc.'s acquisition by TD Bank Group in March 2023, Cowen Investment Management operated various alternative investment strategies, with a notable focus on sustainable solutions through its Cowen Sustainable Investments (CSI) group. CSI was dedicated to making private equity and credit investments in companies that provided innovative solutions addressing global sustainability challenges, spanning sectors such as renewable energy, sustainable agriculture, waste management, and energy efficiency.

TheThe Cowen Sustainable Investments group demonstrated its commitment to this niche by successfully closing its first dedicated private equity fund, Cowen Sustainable Investments Fund I, LP, in 2021, securing $300 million in capital commitments. This fund enabled CSI to pursue its strategy of investing in growth-stage companies and providing credit solutions. Their investment approach typically involved taking significant positions in companies poised for expansion, aiming to accelerate their impact and financial growth within the sustainable economy.

CSI's investment activities included both growth equity and private credit, targeting businesses with proven technologies and scalable models. For instance, in 2022, Cowen Sustainable Investments led a $20 million investment round in Arcadia, a technology company focused on renewable energy. While the specific check sizes varied depending on the deal structure and the stage of the company, their participation in such rounds suggests a focus on meaningful capital deployment to drive growth.

Following the acquisition of Cowen Inc. by TD Bank Group, the operations of Cowen Investment Management, including its sustainable investment initiatives, have been integrated into the broader TD enterprise, primarily under TD Cowen and TD Asset Management. While the direct investment activities under the "Cowen Investment Management" name may have evolved post-acquisition, its legacy as a direct investor in sustainable private equity and credit, supported by a $300 million fund, provides insight into its historical investment profile.