EIV Capital, an energy-focused private equity firm, has announced the final closing of its third fund, EIV Capital Fund III, LP and its affiliates, at its hard cap of US$450 million, surpassing its original US$350 million target.
Fund III will continue to pursue the same investment strategy as prior funds by making growth equity investments primarily in the midstream energy sector and opportunistically in other parts of the energy value chain.
EIV Capital launched its institutional fundraise for Fund III in August 2016 and completed fundraising activities in early December 2016, attracting a diverse base of investors that further supports EIV Capital's focus on growth equity investments in the lower middle market energy sector. EIV Capital will continue to utilize and execute on its approach of partnering with entrepreneurial management teams and operating companies in less efficient and undercapitalized markets. Fund III will primarily focus on growth midstream infrastructure projects, including gathering, processing, distribution, storage and marketing of oil, natural gas and refined products. In addition to its midstream focus, Fund III will seek to partner with proven entrepreneurs in related segments of the energy value chain.
Champlain Advisors, LLC served as the exclusive placement agent for Fund III.
Patti Melcher, Managing Partner of EIV Capital, said:
"The strong performance of our prior two funds and the continued support from our existing limited partners provided EIV with momentum toward this successful fundraise. We are grateful for our existing partners' support and welcome our new investors to EIV. We believe the energy industry will continue to provide attractive investment opportunities and that EIV is well positioned to leverage its operating, commercial and financial expertise to identify these opportunities and be the partner of choice for experienced management teams and strong operating businesses."