Japan's Mitsubishi launches energy-focused fund-of-funds
Japan's Mitsubishi Corp. has led the launch of a $300 million US energy-focused private equity fund-of-funds. Energy Opportunity Fund is expected to reach its target by September next year.
According to a release, the fund will invest in North American funds focusing on the broader energy sector, including shale gas, shale oil, refinement, transport, storage and power generation.
It will be managed by Alternative Investment Capital (AI Capital), a Tokyo-based GP which is 51% owned by Mitsubishi Corp. Daido Life Insurance and Sumitomo Mitsui Banking Corporation also own 25% and 20% of the GP, respectively. Mitsubishi UFJ Trust and Banking Corp. holds the remaining 4%.
Mitsubishi Corp, Shinkin Central Bank and Japan Bank for International Corporation (JBIC) are among the fund's early backers. JBIC has already announced that it plans to contribute as much as $50 million to the fund. US-based Torrey Cove Capital Partners will cooperate with the fund and advise on manager selection.
Mitsubishi's energy unit accounted for 40% percent of the trading house's JPY360 billion ($3.7 billion) in net income last year, up from less than 20% two years ago.
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