Rockland Capital hoping to see in New Year with Fund II final close


power plant_lrgTexas-based investment firm Rockland Capital is reportedly hoping to celebrate the New Year by holding a final close for its second North America-focused fund.

AltAssets revealed early last month that the firm had gathered about $240m from 25 LPs towards its $425m goal for Rockland Power Partners II.

But the firm has since pushed that total to about $350m according to Dow Jones, which cited two people familiar with the firm.

The firm has since confirmed through an SEC filing that it has raised $352m from 25 LPs.

That pushes the latest fund above the $333m Rockland gathered for its debut vehicle in 2010.

BerchWood Partners and Harpeth Securities are acting as placement agents for the vehicle, which had set a $2m minimum commitment for outside investors.

Rockland also manages Rockland Capital Energy Investments, a $120m pledge fund.

The first power fund was raised from a broad base of institutional investors including US-based endowments, pension funds, funds of funds and family offices. It is focused on acquiring companies in the North American power sector.

In September Rockland said it was building a 49.9 MW wind facility in Rollag, Minnesota amid plans to sell a majority of its power under a 20‑year contract with the Wisconsin municipal joint action agency Great Lakes Utilities.

Last year the firm bought the majority of assets owned by bankrupt US energy storage developer Beacon Power.

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