Houston, Texas-based power and energy infrastructure investor Rockland Capital has closed its debut institutional fund, Rockland Power Partners, on $333 millon.
The fund, which will invest primarily in distressed power generation assets, had an original target of $350 million with a $500 million hard cap. Rockland Power Partners had received commitments from 42 investors as of October 2010, according to SEC documents. Limited partners in the fund include US endowments and foundations, funds of funds, pensions and family offices.
“We started fundraising in mid-2008,” Rockland Capital partner Shane Litts told sister website PEO. “You can tell from that that it was a tough road.”
LaPaloma Generating Plant:
Rockland completed its first investment from the fund in April 2010, acquiring an interest in the La Paloma Generating Plant, a natural gas-fired power facility located in McKittrick, California.
Berchwood Partners acted as placement agent for Rockland. Rockland previously invested on a deal by deal basis.
In November 2010, Rockland hired Terry Everett as its chief financial officer and chief compliance officer. Everett previously oversaw financial management and operations at The Carlyle Group for more than four years, prior to which she worked in the corporate financial reporting department at Salt River Project, the US’s third largest public power utility.
Rockland Capital was formed in early 2003 to acquire and develop investment opportunities in the North American and European power and energy infrastructure markets. The firm has offices in Houston and New York.