Energy Capital Partners closed its Energy Capital Partners III LP fund, known as Fund III, the company said April 7. Fund III surpassed its $3.5 billion target, landing at $5.043 billion in commitments, the company added.
Fund III acquired NESCO Holdings Inc., an electric utility service provider, as its first investment, the company said.
Fund III’s total cumulative commitments stand at more than $13 billion, the company said, noting that Fund III raised Fund I at $2.25 billion in 2006, Fund II at $4.335 billion in 2010 and a mezzanine credit lending vehicle of $805 million in 2013, Energy Capital Partners said. The company added that also in 2013, co-investment capital that participated in seven individual company investments was raised.
Fund III was launched in July 2013 and raised over eight months, the company said. It attracted investors from around the world and its first close was in late December 2013, the company said, noting that the final close was in March 31, 2014.
UBS Securities LLC was Fund III’s global placement agent, and Kirkland Ellis LLP was Fund III’s legal counsel, the company said.
Energy Capital Partners, based in Short Hills, N.J., focuses private-equity investments on North America's oil and natural gas infrastructure including the midstream sector and fossil fuel generation.
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