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EIV Capital caps third midstream fund at $450m

The vehicle drew commitments from New York State Teachers’ Retirement System, Texas County and District Retirement System and the City of Philadelphia Board of Pensions & Investment.

Houston-based EIV Capital has closed its third midstream energy vehicle on its hard-cap of $450 million.

EIV Capital Fund III, which launched last August, reached its cap in November, the private equity firm said. Commitments to the fund, which is focused on North American midstream oil and gas, include $50 million from New York State Teachers’ Retirement System, $40 million from Texas County and District Retirement System and $30 million from City of Philadelphia Board of Pensions & Investment.

Like its previous funds, EIV Capital said its third vehicle will focus on the processing, distribution, storage and marketing of oil and natural gas.

“The strong performance of our prior two funds and the continued support from our existing limited partners provided EIV with momentum toward this successful fundraise,” EIV Capital managing partner Patti Melcher said. “We believe the energy industry will continue to provide attractive investment opportunities and that EIV is well positioned to leverage its operating, commercial and financial expertise to identify these opportunities.”

The firm manages a total of around $800 million in equity across its funds. It closed EIV Capital Fund II in February 2015 on $267 million, surpassing its $200 million target.