ArcLight collects $383m for Fund V

The energy investor has set a target of $2bn for its fifth fund. MVision was the initial placement agent for the fund, but was off the assignment by the autumn of 2010.

ArcLight Capital Partners, a Boston-based energy private equity firm, has raised about $383 million for its fifth fund, which is targeting $2 billion.

ArcLight, led by managing partner Daniel Revers and senior partner Robb Turner, filed fundraising documents with the US Securities and Exchange Commission earlier this month. It’s not clear if ArcLight has engaged a placement agent.

The fund was launched in 2009 with a target of $3 billion and was being raised by MVision, but that placement agent was off the assignment by the autumn of 2010. MVision and ArcLight did not return calls for comment at the time.

Sources told sister website PEO in past interviews that potential limited partners needed to see the performance of existing funds before committing more money to ArcLight. The firm collected $2.1 billion each for its third fund in 2006 and its fourth fund in 2007. The firm raised $1.6 billion for its second energy fund in 2004 and $950 million for its debut fund in 2003.

ArcLight has had some exit activity recently. The firm earlier this month agreed to sell 49.9 percent of its stake in five power plants to the Government of Singapore Investment Corporation and GE Energy Financial Services for an undisclosed sum. The deal is subject to regulatory approval and the approval of the Committee on Foreign Investment.