By Shasha Dai
Defying a difficult private equity fund-raising environment, Energy Capital Partners wrapped up its latest fund, Energy Capital Partners II, at the hard cap of $4.34 billion.
This was one of the year’s largest final closings. An Onex Corp. vehicle collected $4.3 billion, while Madison Dearborn Partners raised $4.1 billion for its fund. Blackstone Group said in late July that it was nearing the finish line for its latest pool, with an expected total of $13.5 billion.
The firm began raising the fund in late 2008. LBO Wire previously reported that the fund, with a $3.5 billion target, had raised $1.8 billion as of February.
Energy Capital, of Short Hills, N.J., also has an office in San Diego. It invests in the power generation, electric transmission, midstream gas and renewable energy sectors.
Paul Parshley, head of investor relations, said Fund II has about 350 limited partners, with up to 70% being return investors. The predecessor fund wrapped up at $2.25 billion in 2006.
Fund II has already made several investments, including three gas-fired facilities in New England, a gas gathering pipeline under construction in the Barnett Shale region in Texas, an electric transmission line being developed in California and an electrical infrastructure construction business.
Park Hill Group acted as placement agent for the fund, and Kirkland & Ellis served as legal counsel.
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