The New-York based Pine Brook Road Partners LLC investment firm closed its second fund, Pine Brook Capital Partners II LP, the company said Feb. 14. With total capital commitments of $2.43 billion, the fund exceeded the $2 billion target, the company said. The fund made five investments totaling $300 million, the company noted.
“We are delighted with our success in raising a second fund and are fortunate to have such strong support from the investment community,” said Howard Newman, president and CEO of Pine Brook.
“This achievement validates our distinctive strategy of making business building and other growth investments,” he added.
The new fund will have about 70% more committed capital than the $1.4 billion debt fund, the company said, noting that existing investors will contribute almost half the commitments.
New investors include domestic public pensions and endowments, as well as investors from China, Europe and Southeast Asia, the company said.
This second fund, like its predecessor, will target investments in new, growing financial and energy companies, the company said.
Financings through equity, matching multi-year business plans with long term capital commitments are typical of Pine Brook, the company said.
“There is no shortage of macro factors driving investment opportunities in both of our targeted sectors, including regulatory changes, demographic shifts and financial repression in the financial services industry, and the unconventional revolution in oil and gas,” said William Spiegel, co-founder of Pine Brook and head of the financial services investment team.
Sidley Austin LLP was Pine Brook’s counsel, and Credit Suisse (NYSE: CS) was the fundraising placement agent, the company said.
Pine Brook Road Partners serves energy and financial services businesses with various equity investments.
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