Washington-based EIG Global Energy Partners was able to close Energy Fund XVI with a hard-cap of USD 6 billion. EIG's most recent investment fund, this is also the largest fund so far in the company's history. It has capital commitments from 150 limited partners spread out in 18 countries, with over 40% of the total funds coming from institutional investors based outside of the US. Credit Suisse was the lead placement agent for the fundraising.
EIG focuses on opportunities in energy and energy-related infrastructure firms and projects around the world. It has been in business for 31 years and has invested more than USD 15.7 billion in over 290 projects or companies located in 34 countries. Its clients include insurance firms, pension plans, foundations, endowments and US, Asian and European sovereign wealth funds.
Its most recent fund was launched in February this year and had an initial target of USD 4.25 billion. It first closed in May and the successful final close occurred on November 25, EIG said in a statement. With the funds raised for the sixteenth fund, EIG now has USD 16.1 billion under management, solidifying its position as one of the energy sector's leading private equity company.
EIG Global Partners Chief Executive Officer R. Blair Thomas expressed his thanks for the strong support coming from the firm's limited partners and consultant partners. He added, "We believe that the strength of the fundamentals in the energy sector, our long track-record, global platform and seasoned team all contributed to the successful fundraising of Fund XVI. We've already invested approximately $500 million to complete development of the Açu Superport project in Brazil, a key piece of energy infrastructure related to the development and commercialization of Brazil's massive offshore oil reserves, and we have a robust pipeline in most every part of the world in which we operate."
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