Startup manager Energy Infrastructure Partners (EIP) is setting up a $500 million fund to invest in mid-market infrastructure across North America, partner Suzanne Lawrence has confirmed.
Lawrence said the New York-headquartered fund will invest half its portfolio in the midstream sector, but will also seek out “traditional infrastructure,” such as water and wastewater and transportation.
Energy Infrastructure Partners, a “minority owned firm,” has a “competitive advantage,” according to Lawrence. “The ‘Utility Supplier Diversity Program’ in California [encouraging minority-owned businesses] is an example,” she said.
In the US, minority business enterprises are defined as businesses where over 51 percent of a company is owned by minority group members, such as African Americans, Asian-Indian Americans, Asian-Pacific Americans, Hispanic Americans and/or Native Americans.
EIP managing partner Renwick Paige is African American; partner Dana Sands is female, Lawrence noted.
Lawrence claimed being a mid-market investment fund is also a competitive advantage. “You often see that in private equity, but not infrastructure,” she said. EIP is expecting to spend between $20 million and $50 million per investment, said Lawrence.
Lawrence has worked for Highland Capital Management and defunct Bear Stearns Asset Management. Paige worked for Madison Global Group whereas Sands was with Alinda Capital Partners.
In addition, partner Robert Lawsky was general counsel for Macquarie Infrastructure Partners.