INDEPENDENT VERDICT
Clean Energy Fund, L.P. is not a newly launched 2026 clean-energy vehicle. It is a long-running private fund whose first sale dates to October 2, 2017 and whose regulatory history reaches back to its former identity as Lansdowne Clean Energy Fund, L.P. The September 11, 2026 Form D/A reports an indefinite Rule 506(b) offering with $449,666,440 sold to 37 investors under Investment Company Act Section 3(c)(7). Clean Energy Transition GP I Limited is the general partner, while Clean Energy Transition LLP appears in the fund's regulatory history as promoter and is the investment platform now publicly associated with the strategy. The important research story is therefore continuity and manager transition: the fund began inside Lansdowne Partners, then moved with Per Lekander's Global Energy Team when that group spun out in December 2021 to form Clean Energy Transition LLP. The fund today sits alongside Energy Dynamics and Focus Fund inside a manager that publicly reports approximately $3.4 billion of AUM.
FROM LANSDOWNE TO CLEAN ENERGY TRANSITION
The fund's historical name is one of the most important verification points. SEC records identify earlier names including Lansdowne Clean Energy Fund, L.P., while Clean Energy Transition's own website explains that Per Lekander's Global Energy Team spun out from Lansdowne Partners on December 1, 2021 and brought its existing funds under the new firm. The manager says Energy Dynamics has a track record dating to 2015, the long-only Clean strategy dates to 2017 and Focus Fund launched in 2024. That chronology aligns closely with this fund's October 2017 first-sale date and explains why older Form D records refer to Lansdowne-related general-partner and promoter entities while newer filings reference Clean Energy Transition GP I Limited and Clean Energy Transition LLP. This is a manager-transition story rather than a case of two unrelated clean-energy funds sharing a generic name.
Clean Energy Transition describes itself as a thematic alternative investment manager using fundamental equity research across global long/short and long-only strategies. The firm says it invests around the transformation of the global energy system and seeks opportunities created by changes in power generation, electrification, energy efficiency, infrastructure and technology. Unlike infrastructure funds that own physical solar plants, grids or data centers directly, this vehicle is a pooled investment fund operating within a public-equity-oriented investment platform. Investors therefore need to distinguish between "clean energy" as an equity theme and direct ownership of renewable infrastructure assets.
THE 2026 FORM D SHOWS $449.7 MILLION SOLD — BUT THAT IS NOT THE MANAGER'S AUM
The September amendment reports $449,666,440 of total securities sold and 37 investors. The offering is indefinite and intended to last more than one year. No commissions or finder's fees are reported, and the filing shows a $0 minimum investment field. Because the vehicle is a Section 3(c)(7) fund, the actual investor base is expected to satisfy the applicable qualified-purchaser requirements even though the Form D minimum field itself is zero. The relatively small number of investors compared with the reported capital amount also points toward an institutional or high-net-worth investor base rather than broad retail distribution.
The $449.7 million SEC figure should not be confused with Clean Energy Transition's approximately $3.4 billion firmwide AUM. The Form D number measures securities sold through this particular exempt offering over time, whereas firmwide AUM includes other strategies such as Energy Dynamics and Focus Fund and is calculated under a different reporting framework. The two figures cannot simply be added together and should not be described interchangeably. This separation is especially important for SEO articles because many fund-review pages incorrectly convert manager-level AUM into a specific fund size.
THE FUND'S SEC HISTORY SHOWS REAL CAPITAL FORMATION OVER MANY YEARS
The Form D sequence provides a useful long-term capital-formation record. The fund initially reported approximately $20 million in 2017. Later amendments showed additional increases of roughly $59.1 million in 2018, $0.6 million in 2019, $50 million in 2020, $66.15 million in 2021, $107.55 million in 2022, $32.31 million in 2023 and $143.07 million in 2024. By September 2026, cumulative amount sold stood at $449.67 million. These figures should be interpreted carefully because amendments can reflect subscriptions, redemptions, structural changes or reporting methodology rather than a simple monotonic fundraising curve. In fact, third-party filing histories show the 2026 amount below the immediately prior reported total, which illustrates why Form D "amount sold" should not always be treated as lifetime gross fundraising.
That nuance matters for an open-ended or continuously offered hedge-fund-style structure. Investors may subscribe and redeem over time, and amendments can reflect changing outstanding commitments or regulatory reporting treatment. FilingDossier therefore treats $449.67 million as the latest Form D amount sold reported by the issuer, not as a definitive measure of lifetime capital raised, current NAV or assets under management.
THE INVESTMENT STRATEGY IS ABOUT ENERGY TRANSITION DISPERSION, NOT JUST BUYING GREEN STOCKS
Clean Energy Transition's public materials frame the opportunity more broadly than simply owning renewable-energy companies. Per Lekander's strategy emphasizes fundamental analysis of businesses that may benefit or lose from structural changes in the global energy system. That can include utilities, power generation, electrification, grids, energy equipment, industrial technology, renewable supply chains and companies facing disruption from decarbonization. The presence of both long/short and long-only strategies across the platform suggests the manager seeks to profit from dispersion between winners and losers rather than relying solely on rising clean-energy valuations.
That distinction is relevant because clean-energy equities can be highly sensitive to interest rates, commodity prices, power-market conditions, regulation, subsidies, capital intensity and technology cycles. A fund can have a sound long-term energy-transition thesis and still experience substantial short-term volatility if renewable-equipment margins compress, electricity prices move unexpectedly, financing costs rise or policy support changes. Investors therefore need actual portfolio and risk data rather than relying on the broad theme.
MANAGER IDENTITY IS STRONG; PORTFOLIO DISCLOSURE REMAINS LIMITED
The sponsor is relatively easy to verify. Clean Energy Transition LLP operates an active official website, identifies Per Lekander as the manager of the firm, publicly describes its three main strategies and reports $3.4 billion of AUM. SEC records for Clean Energy Fund name Clean Energy Transition GP I Limited as general partner and identify Benjamin Singh, Andrew Linford and Charles Woolnough as directors of that GP. Historical filings also include Lansdowne Partners-related entities, which is consistent with the manager's documented 2021 spin-out history rather than evidence of an unresolved ownership conflict.
What Form D does not provide is portfolio-level information. It does not identify top holdings, gross or net equity exposure, geography, sector weights, hedging, leverage, concentration, turnover, liquidity profile, management fee, performance fee, high-water mark, administrator, auditor or custodian. Those details are central to evaluating a thematic public-equity fund and must come from the private placement memorandum, audited financial statements, investor letters or manager due-diligence materials.
FINAL ASSESSMENT
Clean Energy Fund has one of the deepest operating histories in the D-series reviewed so far. SEC records trace the vehicle back to 2017, document its former Lansdowne identity and show nearly nine years of amended Form D filings. Clean Energy Transition's official history independently confirms that Per Lekander's Global Energy Team left Lansdowne in December 2021 and brought its existing strategies into the new firm. The latest Form D reports $449.7 million sold to 37 investors, while the manager publicly reports roughly $3.4 billion of total AUM across its broader strategy platform.
The main diligence questions therefore concern portfolio construction and performance rather than basic entity verification. Investors should determine how concentrated the long-only Clean portfolio is, whether short positions or derivatives exist at this specific vehicle level, what gross and net sector exposures apply, what percentage of assets is invested in utilities versus technology versus industrials, how valuation risk is managed and how the fund performed across different energy and rate environments. The SEC filing confirms the exempt offering and manager structure; it does not validate the clean-energy thesis, performance record or expected return.
KEY FINDINGS Clean Energy Fund, L.P. began offering securities in October 2017. The fund was previously named Lansdowne Clean Energy Fund, L.P. The latest reviewed Form D/A was filed September 11, 2026. The offering is indefinite. $449,666,440 is reported sold. 37 investors are reported. The fund relies on Rule 506(b). The fund relies on Investment Company Act Section 3(c)(7). The issuer offers pooled investment fund interests. Clean Energy Transition GP I Limited is the general partner. Benjamin Singh, Andrew Linford and Charles Woolnough are directors of the GP. Clean Energy Transition LLP appears as promoter in the fund's regulatory history. Clean Energy Transition LLP launched in December 2021 after Per Lekander's Global Energy Team spun out from Lansdowne Partners. The manager says the Clean strategy has existed since 2017. The manager currently reports approximately $3.4 billion of firmwide AUM. That $3.4 billion should not be confused with the fund's $449.7 million Form D amount sold. The firm also manages Energy Dynamics and Focus Fund. The 2026 Form D amount should not automatically be interpreted as lifetime fundraising or current NAV.
FORM D HISTORY 2017 — New filing; approximately $20 million initially reported sold 2018 — approximately $59.1 million additional reported 2019 — approximately $0.6 million additional reported 2020 — approximately $50 million additional reported 2021 — approximately $66.15 million additional reported 2022 — approximately $107.55 million additional reported 2023 — approximately $32.31 million additional reported 2024 — approximately $143.07 million additional reported 2025 — amendment filed 2026 — latest amount sold reported at $449,666,440
Historical amendment figures should not be mechanically summed as lifetime fundraising because investor subscriptions, redemptions and reporting changes can affect the Form D amount sold.
WEBSITE / ENTITY PENETRATION Official manager: Clean Energy Transition LLP Official domain: cleanenergytransition.com Former platform: Lansdowne Partners Per Lekander manager relationship: Confirmed through official Clean Energy Transition materials 2021 Lansdowne spin-out: Confirmed Clean strategy inception: 2017 Energy Dynamics inception: 2015 Focus Fund inception: 2024 Current firmwide AUM: Approximately $3.4 billion Clean Energy Transition GP I Limited relationship: Confirmed through Form D Benjamin Singh GP-director relationship: Confirmed Andrew Linford GP-director relationship: Confirmed Charles Woolnough GP-director relationship: Confirmed Lansdowne historical relationship: Confirmed through SEC name history and manager disclosures Current Clean Energy Fund portfolio: Not publicly disclosed in Form D Top holdings: Not disclosed in Form D Gross exposure: Not disclosed Net exposure: Not disclosed Leverage: Not disclosed Management fee: Not disclosed Performance fee: Not disclosed High-water mark: Not disclosed Administrator: Not established by Form D Auditor: Not established by Form D Custodian: Not established by Form D
CORE INVESTOR QUESTIONS What is the current NAV of Clean Energy Fund How does current NAV compare with the $449.7 million Form D amount sold What are the fund's largest holdings How concentrated is the portfolio Is this vehicle strictly long-only Can it use derivatives or short exposures What percentage is invested in utilities What percentage is invested in renewable equipment manufacturers What percentage is exposed to grids, power generation and electrification What geographic limits apply How much exposure is outside Europe What is gross exposure What is net exposure What leverage is permitted What management fee applies What performance fee applies Is there a high-water mark What liquidity terms apply What notice period applies to redemptions Are gates or suspension rights permitted Who is the administrator Who is the auditor Who is the custodian What has performance been since the 2017 inception How did the strategy perform during the 2022 energy shock How did rising rates affect renewable-equity positions How are policy and subsidy risks modeled
CORE RISKS Energy-transition equity volatility Policy and subsidy risk Interest-rate sensitivity Power-price volatility Commodity-price exposure Technology disruption Renewable-equipment margin compression Utility regulatory risk Concentration risk Long-only equity drawdown risk Potential leverage or derivative risk depending on fund documents Liquidity risk during stressed markets Currency exposure Valuation risk Manager key-person risk Risk of confusing thematic conviction with guaranteed investment performance
SEC SNAPSHOT Issuer: CLEAN ENERGY FUND, L.P. Former name: LANSDOWNE CLEAN ENERGY FUND, L.P. CIK: 0001714896 SEC File No.: 021-296834 Latest form: D/A Filed: September 11, 2026 First sale: October 2, 2017 Formation: Delaware, 2017 Principal place of business: Grand Cayman, Cayman Islands Industry: Pooled Investment Fund / Other Investment Fund Security: Pooled Investment Fund Interests Exemption: Rule 506(b) Investment Company Act exclusion: Section 3(c)(7) Offering amount: Indefinite Amount sold: $449,666,440 Remaining: Indefinite Investors: 37 Minimum investment reported: $0 Offering longer than one year: Yes Sales commissions: $0 Finder's fees: $0 General partner: Clean Energy Transition GP I Limited Promoter / manager platform: Clean Energy Transition LLP GP directors: Benjamin Singh; Andrew Linford; Charles Woolnough
PRIMARY EVIDENCE REVIEWED SEC EDGAR — Clean Energy Fund, L.P. Form D and Form D/A history SEC EDGAR — historical Lansdowne Clean Energy Fund filings Clean Energy Transition LLP — official website Clean Energy Transition LLP — official firm history Clean Energy Transition LLP — strategy and AUM disclosures Historical SEC records linking Lansdowne entities and Clean Energy Transition entities Form ADV-linked records identifying Clean Energy Transition LLP as reported adviser
IMPORTANT FORM D NOTICE Form D is a notice of an exempt securities offering. Filing with the SEC does not mean the SEC has approved, endorsed, audited or verified Clean Energy Fund, Clean Energy Transition LLP, Per Lekander, any portfolio company, any energy-transition thesis or any expected return. The latest $449.7 million Form D amount sold is not the same as current NAV, lifetime fundraising or Clean Energy Transition's approximately $3.4 billion firmwide AUM. Investors should review audited financial statements, offering documents, fee terms, portfolio exposures, liquidity provisions and verified performance before making an investment decision.