Energy Investors Funds (“EIF”), an established private equity fund manager that invests in the energy and electric power sector, today announced that it has successfully closed on its eighth fund, EIF United States Power Fund IV, L.P. (the “Fund”), with $1.713 billion in commitments.
“We’re very happy to have closed this fund with such a wonderful group of investors, both returning and new,” said John Buehler, Energy Investors Funds Managing Partner. “This is our largest fund to date, both in terms of capital commitments and number of limited partners. This fund is a testament to our experienced team and highly successful 24-year track record of investing in the power industry, as well as the quality of the investments we’re seeing as the power industry continues to evolve.”
The Fund had commitments from a wide variety of domestic and international limited partners, including, public and corporate pension plans, insurance companies, endowments, family offices, and foundations. The firm’s previous fund, United States Power Fund III, L.P., closed in 2007 on $1.35 billion.
The Fund will continue EIF’s strategy of investing in U.S. power and energy generation and transmission assets with long-term off-take contracts. The firm invests in a mix of power-generating assets and power-transmission assets, and develops new projects, including natural gas, coal, and renewable energy facilities. The Fund seeks to maximize returns to, and achieve liquidity for, its investors through regular cash distributions and proceeds from the sale of assets. This investment strategy has remained consistent throughout the firm’s 24-year history.
“I attribute the success of this fundraise to the quality of our limited partners, both new and existing,” said Christina Anzel, Energy Investors Funds Vice President of Investor Relations and Marketing. “We look forward to working with them as we proceed through the investment phase of the Fund.”
The Fund has already invested approximately $350 million.
Atlantic-Pacific Capital was the global placement agent and advisor for the fund, and Bingham McCutchen served as legal advisor.
To discuss any deal opportunities, please contact:
John Buehler, Managing Partner, San Francisco, (415) 380-0520
Terry Darby, Managing Partner, New York, (212) 564-3796
Herb Magid, Managing Partner, Boston, (781) 292-7000
Andrew Schroeder, Senior Partner, New York, (212) 564-3796
Mark Segel, Partner, Boston, (781) 292-7000
About Energy Investors Funds
EIF was founded in 1987 as the first private equity fund manager dedicated exclusively to the independent power and electric utility industry. Its consistent, proven investment strategy is to create geographically and technologically diversified portfolios of electric power-related assets that provide superior risk-adjusted equity returns with current cash flow and capital appreciation. As an investment manager, EIF seeks to mitigate commodity risk (fuel and electricity) by focusing primarily on acquiring power assets with long-term off-take contracts. EIF has mobilized over $4 billion in capital raised in eight funds, and currently manages five private equity funds from its offices in Boston, New York, and San Francisco. These funds have made over 100 diversified investments that have an underlying asset value greater than $15 billion. EIF has over 3,675 MW of capacity in operation and under construction, as well as an additional 2,875 MW under development. For more information visit www.eif.com.