EIG Global Energy Partners closed its largest fund, the $6 billion Energy Fund XVI, surpassing its $4.25 billion fundraising target and hitting its hard cap.
More than 40% of total capital commitments from the private energy fund's 150 limited partners came from outside the U.S. EIG executives formally launched the fund Feb. 4, although a longtime investor — the $10.9 billion Orange County Employees Retirement System, Santa Ana, Calif. — “unexpectedly approved a commitment to Fund XVI in November of 2012,” said Derek Lemke-von Ammon, managing director, head of capital development, EIG Global Energy Partners, in an e-mailed comment.
Other investors in the new fund include the Washington State Investment Board, Olympia, which oversees $94.6 billion including $70.5 billion in retirement plan assets, and the $10.1 billion New Mexico Educational Retirement Board, Santa Fe.
Credit Suisse was EIG's placement agent.
