Recent Fund Closes

A look at some of the recent fund closes

EnCap Flatrock's third fund surpasses its $2.25bn target  
EnCap Flatrock Midstream has held a final close for its third midstream fund, EnCap Flatrock Midstream Fund III on $2.26 billion, exceeding its $3 billion hard cap. Fundraising began in January with a $2.25 billion target. Investors include: Houston Employees’ Pension System, San Antonio Fire and Police Pension Fund, Teachers’ Retirement System of Louisiana, Public Employees Retirement Association of New Mexico, Oklahoma State Regents for Higher Education, Maine Public Employees Retirement System and the Texas County and District Retirement System.
 
The fund will focus on the acquisition and development of midstream energy infrastructure in the US and Canada.
 
FLAG Capital closes its third FOF on $200m 
Flag Capital Management has closed its third infrastructure fund of funds, Flag Energy & Resources Partners III (FERP III), on $200 million. The fund was launched in August 2012.
 
FERP III is a global fund of funds but is weighted toward North American investments and  seeks to invest with fund managers that have particular asset-type and operational expertise across oil and gas (upstream and midstream), power generation, timber, mining and agriculture sectors.
 
Energy Capital closes above its $5bn hard cap  
Energy Capital Partners has held a final close for its third fund on $5.04 billion, above the $5 billion hard cap. The Fund III was launched in July 2013 with a $3.5 billion target and reached a first close in December 2013. It attracted commitments from more than 300 limited partners from North America, South America, Europe, Asia and the Middle East.
 
Its investments will focus on the power generation and oil and gas storage and transportation sectors in North America. The firm also invests in energy and environmental service and equipment businesses related to its core focus areas.
 
 AMP Capital reaches a second close on $750m  
AMP Capital has held a second close on its second global infrastructure debt fund, Infrastructure Debt Fund II (IDF II), bringing its total capital raised to $750 million. IDF II was first closed on $300 million in August 2013 and is expected to complete fundraising by the end of 2014 with a target of $1 billion. There are 40 investors from Japan, South Korea, China, the UK, Switzerland and the US.
 
One project that IDF II will fund is a subordinated debt financing for power generation facility Astoria Project Partners in New York.