Carlyle Group, a global alternative asset manager with US$203 billion of assets under management, has raised up to US$365 million for its second Power Partners fund.
TCG Securities acted as a placement agent for the fund, Carlyle Power Partners II. The fund will invest in power generation and related assets, primarily in North America.
The fund has already invested in Southeast PowerGen, LLC, a Georgia-based firm that owns and operates five natural-gas fired plants.
Carlyle Power Partners II will follow the same strategy of its predecessor, Carlyle Power Partners I which closed in May 2013. This first fund has invested in the following assets:
- Cedar Bay Generating Plant, a 250MW coal-fired circulating fluidized bed boiler power generation facility located in Jacksonville, Florida.
- Hopewell and Portsmouth, they are each 120 MW coal stoker-fired boiler power generation facilities in Virginia.
- Midway, a 122 MW natural gas-fired simple cycle power plant under long term power purchase agreement with Pacific Gas and Electric.
- CalPeak, a portfolio of four 49.5 MW natural gas-fired peaking generation facilities in California.
- The Alamosa Solar Generating Project, a 30 MW high concentration photovoltaic power generation facility.
- Sunray, a 43 MW solar project that sells electricity under a power purchase agreement with Southern California Edison.
- Cogentrix Power Management, the technical and operating platform for the power generation assets owned by Carlyle.
Carlyle has grown into one of the world's largest and most successful investment firms, with 1,700 professionals operating in 40 offices in North America, South America, Europe, the Middle East, Africa, Asia and Australia.