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Energy Investors Funds Returns To Market

Energy Investors Funds, a Boston-based firm focused on the independent power and electric utility sector, has come to market with its fourth vehicle, according to a source familiar with the situation. The fund, called United States Power Fund IV, has a target in excess of $2 billion.

In an environment when funds are lowering their targets left and right, even a slight leap in fund size is surprising. Energy Investors Funds’ third effort closed on $1.35 billion in 2007.

In the past, EIFs has received commitments from CalPERS, Detriot Fire & Police, Lexington Partners, New Hampshire Retirement System, New York Life Capital Partners, Orange Country Employees Retirements System and University of Toronto Asset Management. The firm has said it prefers to limit its number of investors.

Energy Investors Fund quickly deployed its third vehicle. In the fall of 2008 it was 75% invested. Last month it acquired Watertown Renewable Power, a Connecticut-based power project. The fund has invested in Solar Power Partners, a manager of solar energy facilities, Landfill Energy Systems, and Congentrix Energy Inc. In March the firm’s portfolio company, Northbrook Wisconsin, purchased a hydroelectric facility from NewPage Group, a coated paper manufacturer owned by Cerberus.

In September the firm added seven professionals to its staff.