Global alternative asset manager The Carlyle Group has announced that it has completed fundraising for Carlyle Power Partners II with more than US$1.5 billion in commitments from a diverse group of investors globally.
The fund targets power generation assets throughout North America and leverages the technical, engineering and management capabilities of Cogentrix Energy, a power operations platform based in Charlotte, NC.
Carlyle Power Partners was formed in December 2012 with the acquisition of Cogentrix and five operating assets.
Bob Mancini, Managing Director and Co-head of the Carlyle Power Partners team, said:
“We appreciate the strong show of support that we received from our current and new investors for our second power fund. We believe CPP II is well positioned to capitalize on the market and regulatory forces driving major changes across the power generation landscape”.
Managing Director and Co-head Matt O’Connor, said:
“CPP II is off to a strong start, with three transactions announced since our initial closing, each involving highly competitive gas-fired power plants. Our experienced team brings a strong understanding of changes and trends, and an ability to improve the assets we acquire.”