New York-based Pine Brook began marketing late last year for its second pool. Pine Brook has closed on more than $1 billion for Fund II, persons told peHUB.
Strong returns are helping Pine Brook’s quick fundraise. The firm’s first fund collected $1.4 billion in 2009. Fund I is generating a net IRR of 15.6%, according to Sept. 30 data from the Regents of the University of California.
Fund II has already received a $75 million commitment from the Oregon Investment Council. The New York State Teacher’s Retirement System is also reportedly providing $150 million to Pine Brook Fund II, AltAssets says.
Pine Brook invests in energy and financial services. In April, the firm co-led a $650 million line of equity financing for Brigham Resources. Pine Brook also invested in Elevation Resources Holdings that same month. Another deal occurred in October when Pine Brook co-led a $412.7 million equity investment in Common Resources III LLC.
Officials for Pine Brook declined comment.
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