Mid-market energy investor Turnbridge Capital Partners has closed its debut institutional fund on a $400m hard cap.
Turnbridge said LPs committing to the fund included “energy-knowledgeable” individual and family office investors who provided funding for Turnbridge’s existing portfolio companies.
The firm was initially targeting $350m for the vehicle and had pulled in just over $282m from 83 LPs, according to a document filed with the US securities regulator two weeks ago.
The fund also registered a parallel vehicle, Turnbridge Network Investors I, which had raised $11.6m as of August 22.
Texas-based Turnbridge plans to use the capital to continue its strategy of investing alongside experienced management teams leading companies services and make products related to the upstream, midstream and downstream energy sectors.
Co-founder Todd Tomlin said, “Turnbridge draws upon the extensive operating experience and domain knowledge of its partners across virtually all of the services, equipment and infrastructure sectors of the energy industry.
“We believe our collective industry experience, and our ability to collaborate with our management partners in value-creation strategies, will continue to differentiate Turnbridge as a partner for management teams across a wide range of energy industry sectors.”
Eaton Partners served as placement agent for the fund.
Turnbridge’s current portfolio consists five investments including gas and vapor handling equipment maker Aereon and Pipe Pros which provides domestic casing and tubing installation services.
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