How two former Macquarie impact gurus built a $450m fund at Palisade
Former Macquarie execs Steve Gross and Jeremy Wernert launched their own impact investing firm within Palisade, targeting three goals: zero emissions, zero waste and zero inequality.
Steve Gross spent 16 years with Macquarie Group, holding roles that included overseeing asset management operations across the Asia-Pacific and establishing the company’s impact investing division, before deciding to launch his own impact investing business with former colleague Jeremy Wernert.
The pair developed an infrastructure investing model that prioritises environmental and social progress without sacrificing risk-adjusted returns. They decided to branch out on their own and eventually teamed up with other ex-Macquarie bankers at Palisade Investment Partners — an infrastructure investment boutique founded by another former Macquarie operative, Roger Lloyd.
Adopting a private equity-style approach, focusing on improving a select number of investments by investing in management and making bolt-on acquisitions, the pair established Palisade Impact in 2021. A year later, it finalised a $450 million capital raise for its inaugural open-ended fund.
So far, the team has made three investments in energy transition, healthcare, and digital inclusion — all consistent with the three key themes of their impact investment strategy: zero emissions, zero waste and zero inequality, as Gross explains in this interview with Capital Brief. The transcript has been lightly edited for clarity and brevity.
