Five Point Capital Partners LLC, a private equity firm based in The Woodlands, Texas, announced Jan. 15 it closed Five Point Capital Midstream Fund I and II LP.

Total equity commitments to the fund were more than $450 million, exceeding the fundraising target of $400 million.

The fund’s investors included public pension funds, university endowments and foundations, multinational corporations, insurance companies, fund-of-funds and family offices. It will focus on investments in midstream infrastructure and seek to partner with exceptional management teams to build world class businesses.

To date, the fund has made an investment in Twin Eagle Resource Management, a midstream energy infrastructure and energy marketing business, and backed a talented management team to form Redwood Midstream, a multi-phase oil, gas and liquids gathering and processing business.

David Capobianco, managing partner of Five Point, said in a statement, "We are pleased with the Fund's reception and would like to thank our limited partners for their support. Five Point has a demonstrated record of success in identifying industry inflection points early, creating and investing within proprietary investment themes, and building value through operational expertise. We see extraordinary opportunities in the current midstream energy market, and believe that the combination of near-to-intermediate term dislocation and long term growth will create a superior climate for our focused investment strategies. We are well positioned to execute on our investment approach, which we believe protects the downside while maintaining asymmetric upside in the midstream companies we build."

Debevoise & Plimpton LLP was legal counsel and Mercury Capital Advisors LLC was placement agent.