Private equity firm EIG Global Energy Partners is reportedly nearing a final close for its latest fund.
EIG Energy Fund XVI is expected to reach its $6bn hard cap in October, eight months after the fund launch, said Dow Jones, citing a person directly involved in the process.
Last month it was reported that EIG put the $6bn limit on its EIG Energy Fund XVI in response to requests from LPs, who didn’t want a larger vehicle. Sources told Bloomberg at that time that the firm expected to close the fund before the end of August.
The firm, which spun out of asset manager and Carlyle buyout target TCW in January 2011, launched the fund with a $4.25bn target early in 2013.
Energy Fund XVI is expected to focus on mezzanine and private equity investments in energy, infrastructure and natural resources businesses globally.
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