ArcLight nears $4bn target for fund VI

The Boston-based buyout firm has raised more than $3.9bn for its sixth flagship fund, which has a $5bn hard cap.

ArcLight Capital Partners, a Boston-based private equity firm focused on the energy sector, has to date raised $3.92 billion for its eight-month-old ArcLight Energy Partners Fund VI, according to a filing with the Securities and Exchange Commission (SEC).

It was not clear whether the filing represented a final close or whether ArcLight will continue fundraising for its sixth flagship fund, which has a target of $4 billion and a hard cap of $5 billion. The firm did not respond to a request for comment.

Founded in 2001, ArcLight invests across the entire energy sector including coal, oil and gas production, midstream, power generation, gas and electric transmission and distribution as well as related service businesses.

Earlier this month, the Boston firm acquired Pyramid LLC, owner and operator of a network of 12 high-quality refined products storage terminal facilities in Pennsylvania, through affiliates of its sixth fund. The firm did not specify the names of these affiliates in its press release and a spokesperson declined to comment further at the time.

Launched in August 2014, Fund VI has already surpassed its predecessor. ArcLight Energy Partners Fund V closed on $3.3 billion in November 2011, exceeding its initial target of $2 billion.

Since its inception, ArcLight has invested over $12.7 billion in more than 90 power, midstream and production assets. In addition to its Boston headquarters, the firm also has an office in Luxembourg.