The Carlyle Group said its fund, Carlyle Power Partners II, closed with more than $1.5 billion in commitments. CPP II targets power generation assets throughout North America and leverages the technical, engineering and management capabilities of Cogentrix Energy, a Charlotte, North Carolina-based power operations platform. Latham & Watkins, led by Barton Clark, advised Carlyle.
New York, NY – Global alternative asset manager The Carlyle Group (NASDAQ: CG) today announced that it has completed fundraising for Carlyle Power Partners II (CPP II) with more than $1.5 billion in commitments from a diverse group of investors globally. The fund targets power generation assets throughout North America and leverages the technical, engineering and management capabilities of Cogentrix Energy, a power operations platform based in Charlotte, NC.
“We appreciate the strong show of support that we received from our current and new investors for our second power fund. We believe CPP II is well positioned to capitalize on the market and regulatory forces driving major changes across the power generation landscape,” said Bob Mancini, Managing Director and Co-head of the Carlyle Power Partners team.
Managing Director and Co-head Matt O’Connor noted, “CPP II is off to a strong start, with three transactions announced since our initial closing, each involving highly competitive gas-fired power plants. Our experienced team brings a strong understanding of changes and trends, and an ability to improve the assets we acquire.”
Following completion of the fund’s acquisition of Essential Power, announced in February 2016, the Carlyle Power Partners portfolio will include 28 facilities representing a total capacity of over 5,800 megawatts (net).
Carlyle Power Partners was formed in December 2012 with the acquisition of Cogentrix and five operating assets. Since then, Carlyle has closed or announced investments in 25 additional power plants located throughout the United States.
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About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $183 billion of assets under management across 126 funds and 160 fund of funds vehicles as of December 31, 2015. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,700 people in 36 offices across six continents.