Energy Capital Partners (ECP) has raised $3.3 billion for its flagship ECP Fund IV. The fund also secured $3.5 billion for co-investment opportunities over the last two and a half years, $17 billion of which was spent to acquire Calpine Corp., the largest generator of electricity from natural gas and geothermal resources in the United States.
Fund IV will target natural gas power generation, renewables and storage solutions, midstream, and environmental infrastructure, while avoiding the upstream and E&P sectors, in accordance with ECP’s investment strategy. Fund IV already has completed four investments representing approximately $1.4 billion of equity commitments across each of ECP’s core sectors.
The fund’s closing brings ECP’s total commitments across all of its funds and co-investments to more than $20 billion. According to ECP, the company’s funds have attracted more than 600 limited partner investors from North America, Europe, Asia and the Middle