Evolution expands into global merchant banking

The move adds carbon sourcing and finance, private placements, project finance and other initiatives to Evolution Markets Financial Services, which was established at the end of 2006 and is based in White Plains, New York.

Patrick McCloskey has been appointed as managing director of the subsidiary. He will lead the day-to-day operations of the service, which will encompass recruitment to augment the team in New York, London and San Francisco. The team already includes Alfredo Cahuas, the former CFO of Gamesa Energy USA.

McCloskey comes to Evolution from Lazard Freres, where he was managing director in the investment banking division, with a focus on private equity and mezzanine financings in both the London and New York offices. Prior to Lazard, McCloskey held similar positions at Donaldson Lufkin & Jenrette, Credit Suisse and Lehman Brothers.

The move marks a major step in what Andrew Ertel, president and chief executive of Evolution, refers to as the transformation of Evolution Markets “into a well rounded financial services company that has the capabilities to provide our global customers with additional capital market opportunities within the green sector”.