Harbert Management Corp. has raised $246.7 million for its fifth fund, Harbert Power Fund V, according to a filing with the SEC.
HPF V has a $500 million fundraising goal. The California Public Employees’ Retirement System invested $100 million in October 2013 as part of its infrastructure plan. The fund was formed to invest in independent (non-utility) power generation and related power assets in North America.
The firm held a second closing in August 2013 with more than $200 million. A final close was anticipated in 2013; however, the firm didn’t make an official announcement and the filing did not disclose the date of a final close.
The firm is also raising equity for its fund Gulf Pacific Power, which has a similar strategy