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Starwood passes halfway point of $1.5bn fundraise

The investment firm has garnered about 57% of its latest energy infrastructure vehicle's target, which is larger than its two previous funds combined.

Connecticut-based Starwood Capital has collected $854 million for its third energy infrastructure fund, according to a filing with the US Securities and Exchange Commission.

The Starwood Energy Infrastructure Fund III, which launched last year, has raised 56.93 percent of the $1.5 billion offering amount as of 13 January, the filing said. It is unclear if this amount represents a first close or if the total is a target or a hard cap. Starwood did not reply to a request for comment.

One commitment to the fund is from the Oregon Public Employees Retirement Fund, which allocated $150 million in December.

The fund will likely have a similar focus to Starwood’s two previous energy infrastructure funds, investing mostly in North America in wind, solar, natural gas and other generation and transmission assets.

Starwood’s first energy infrastructure fund closed in June 2008 at $433 million. Its second fund closed in January 2014 at $983 million and is still being invested.

Two of Starwood’s more recent investments include the $760 million purchase in August of two natural gas plants in Pennsylvania that generate a combined 840MW. Also in August was Starwood’s $100 million commitment to California-based energy storage and software company Stem.