EIG Global Energy Partners closed its fifth Global Project Fund on $1.1 billion, beating its $750 million target. The firm also raised an additional $1.5 billion through separately managed accounts that will invest alongside Global Project Fund V.
Update: This brief was updated to specify the fund that closed was EIG Global Project Fund V.
EIG Global Energy Partners (EIG) announced today the successful final close of EIG Global Project Fund V (GPF V or the Fund) with total commitments of $1.1 billion, nearly 50% higher than the Fund’s $750 million target. EIG also raised an additional $1.5 billion of commitments in the form of separately managed accounts that will invest alongside GPF V. In total, since the first closing of GPF V in July 2019, EIG has raised $2.6 billion of commitments for its direct lending strategy.
GPF V is a continuation of EIG’s platform for energy and infrastructure direct lending that invests across the full energy, midstream, power, renewable energy and infrastructure complex on a global basis. More than 70% of the strategy’s capital commitments are from investors domiciled outside of the U.S., reflective of the global nature of EIG’s business.
EIG CEO R. Blair Thomas said, “We are pleased to close GPF V with continued support from our sophisticated global investor base. Our fundraising success in the current environment is a strong testament to our investors’ enduring trust in our ability to identify and execute on attractive opportunities across the global energy and infrastructure value chain. Capital is oxygen to the energy industry, and GPF V is poised to help meet the robust capital demand for energy and infrastructure projects. In a time of tremendous upheaval, our proven capital-raising and origination capabilities and our global platform position us well for the future.”
EIG President Randy Wade said, “GPF V allows EIG to build on our 20-year track record in direct lending. With demand for capital high and many traditional sources of capital retreating, the Fund is seeking opportunities in the global transition away from traditional hydrocarbons toward more sustainable energy production. We believe our specialized approach and disciplined underwriting with a focus on sector diversity should position us to continue to generate strong returns through market cycles.”
EIG’s placement agent for GPF V was Credit Suisse; Kirkland & Ellis served as legal counsel.
About EIG Global Energy Partners
EIG Global Energy Partners (EIG) is a leading institutional investor to the global energy sector with $22.4 billion under management as of March 31, 2020. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 38-year history, EIG has committed over $33.7 billion to the energy sector through 360 projects or companies in 36 countries on six continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For additional information, please visit EIG’s website at www.eigpartners.com.