EIG Global Energy Partners (EIG) has raised $1.1bn (€1bn) for its latest direct lending fund, exceeded an original $750m fundraise target.
EIG said, in addition to the amount raised by the EIG Global Project Fund V (GPF V) at final close, it also raised $1.5bn of commitments in the form of separately managed accounts that will invest alongside GPF V.
In total, since the first closing of GPF V in July last year, EIG has raised $2.6bn of commitments for its direct lending strategy.
More than 70% of the strategy’s capital commitments are from investors domiciled outside of the US, the manager said.
EIG CEO R Blair Thomas said: “Our fundraising success in the current environment is a strong testament to our investors’ enduring trust in our ability to identify and execute on attractive opportunities across the global energy and infrastructure value chain.
“Capital is oxygen to the energy industry, and GPF V is poised to help meet the robust capital demand for energy and infrastructure projects. In a time of tremendous upheaval, our proven capital-raising and origination capabilities and our global platform position us well for the future.”
EIG president Randy Wade said: “With demand for capital high and many traditional sources of capital retreating, the fund is seeking opportunities in the global transition away from traditional hydrocarbons toward more sustainable energy production.
“We believe our specialised approach and disciplined underwriting with a focus on sector diversity should position us to continue to generate strong returns through market cycles.”
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