Bernhard Capital hits target for debut energy fund

BCP Energy Services Fund launched in 2014 and closed on $750m.

Energy services-focused Bernhard Capital Partners Management has closed its inaugural fund on its $750 million target, sister publication Private Equity International reported.

BCP Energy Services Fund, which launched in October 2014, garnered commitments for the vehicle and for managed co-investments from investors such as public and private pension funds, endowments, family offices, strategic corporate investors, industry executives and BCP employees, the firm said.

According to PEI Research & Analytics, the Louisiana State Employees Retirement System committed $50 million to the fund, which hired Atlantic-Pacific Capital as its placement agent.

The firm’s two separate October filings with the US Securities and Exchange Commission indicated there were 30 investors in the fund at the time. The documents also said the date of the first commitment was 28 October 2014.

BCP was founded in 2013 by The Shaw Group executives, including its founder, chairman and chief executive James Bernhard, chief operating officer of Shaw Environmental and Infrastructure Jeff Jenkins, and others. It followed the sale of The Shaw Group to Chicago Bridge & Iron Company.

Based in Louisiana, BCP seeks investments in energy services, such as midstream, downstream and power.

“Our strategy is to invest in North American services companies across the midstream, downstream and power verticals,” Bernhard said in a statement, adding that the firm sees oil and gas investment opportunities thanks to the “abundance of oil and gas” that needs refining, transporting and storing in North America.