Bernhard raises over $1 bln for Fund II, expected to close soon

  • Closed Fund I on $750 mln in 2016
  • Raising Fund II since last year
  • Final close expected soon

Bernhard Capital is approaching final close on its second fund and has already raised more than its $1 billion target, according to a person with knowledge of the firm.

Bernhard has been in market with Fund II since last year. It had raised close to $1 billion as of March, Buyouts reported.

Metric Point Capital and Moelis & Co are placement agents.

The firm was formed in 2013 by Jim Bernhard, former chief executive of Shaw Group. Jim Bernhard and Shaw’s management sold Shaw Group in 2013 to Chicago Bridge & Iron.

Bernhard closed its debut fund, BCP Energy Services Fund, in 2016 on more than $750 million to invest in service providers to the energy and industrials sectors.

“They’re doing the construction and engineering and maintenance of things like power plants and refineries,” a source told Buyouts in a previous interview.

“It’s not like they’re trying to time the cycle. If a company is building a new refinery, spending billions of dollars … those companies still need to service their assets; they still need to have maintenance work done, engineering work done.”

The firm recently took public one of its portfolio companies, Charah Solutions, which priced at $12 a share, below the expected range of $16 to $18. The IPO raised $88 million.

Charah provides maintenance services to coal and nuclear facilities. The stock was trading at $11.01 at midday June 19.

Bernhard grew the company from a small pipe-fabrication business into a Fortune 500 energy services company, Bernhard’s website says.

Action Item: Check out Bernhard’s Form ADV here: