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EIG Global eyes $2bn first close for latest energy, infra fund

15 Apr 2013

electricity_170sqPower infrastructure-focused investment firm EIG Global Energy Partners is reportedly primed to hold a $2bn first close for its latest fund.

The firm, which spun out of asset manager and Carlyle buyout target TCW in January 2011, had set a $4.25bn target for EIG Energy Fund XVI but could now collect up to $6bn according to Dow Jones.

It cited one person directly involved in the fundraising process.

EIG hit the fundraising trail for the latest fund in February last year, about nine months after closing EIG Energy Fund XV vehicle on $4bn.

The firm’s Fund XIV vehicle, which closed on $2.6bn in 2008, was generating a multiple of slightly more than 1.4-times cost as of 30 September 2012.

It is believed the fund will focus on mezzanine and private equity investments in energy, infrastructure and natural resources businesses globally.

Carlyle completed its purchase of US investment group TCW from Société Générale in February.

The firm received the go-ahead for the deal a month earlier from EIG, which had previously filed a lawsuit claiming that the acquisition would go against an existing agreement in which TCW agreed not to compete with EIG.

EIG chief executive Blair Thomas had said the firm’s objection was only because Carlyle was such a big player in the sector, adding that a takeover from a more generalist firm would have caused no problem.

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