Japanese conglomerate Mitsubishi plans to raise $300m for a new energy-focused private equity fund, which will focus on North American energy projects.
The Energy Opportunity Fund, which is expected to close in September next year, will be 51 per cent owned by Mitsubishi and operated by Alternative Investment Capital, according to Bloomberg.
Daido Life Insurance and Sumitomo Mitsui Banking will hold stakes of 25 and 20 per cent respectively with Mitsubishi UFJ Trust and Banking owning a four per cent stake.
The fund has already been backed by Japan Bank for International Cooperation and the Shinkin Central Bank, said Alternative Investment Capital.
US oil production reached the highest level since 1989 last month and the country could become the world’s top energy provider this year, according to the Wall Street Journal.
Earlier this year Mitsubishi launched a $750m private equity fund to focus on opportunities in the shipping industry.
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