Pine Brook Fund II Seeks $2 Bln, Already Closed on More than Half

Pine Brook Partners, which is out fundraising for its second pool, has already collected more than half of the fund’s $2 billion target, three sources say.

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.

In financial services, the firm provided $45 million to Community Trust Financial Corp, which is the parent of Community Trust Bank, in December. Pine Brook also reinvested in Green Bank last year.

Officials for Pine Brook declined comment.

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