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EIG raises $6b for global energy fund

  • Mirzaan Jamwal
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EIG Global Energy Partners has reached a final close of $6 billion for its Energy Fund XVI after just 10 months in the market. The fund had a target of $4.25 billion.

A first close came in May 2013 and the hard cap of $6 billion was reached in November.

This is the largest fund in EIG's history and includes commitments from 150 LP from 18 countries. Institutional investors domiciled outside the US represent more than 40% of total capital commitments.

Fund XVI will continue EIG's strategy of making hybrid debt and structured equity investments in energy and energy-related infrastructure companies and projects around the world.

"We've already invested approximately $500 million to complete development of the Açu Superport project in Brazil, a key piece of energy infrastructure related to the development and commercialization of Brazil's massive offshore oil reserves," EIG CEO R. Blair Thomas said in a statement. "We have a robust pipeline in most every part of the world in which we operate."

EIG now has $16.1 billion under management. In 2012 China Investment Corp. bought a minority stake in the US-based asset management firm.

Credit Suisse was lead placement agent for the fund and legal counsel came from Debevoise & Plimpton.

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