Pine Brook Partners closed its second private equity fund, the $2.43 billion Pine Brook Capital Partners II LP, exceeding its $2 billion fundraising target and bumping up against its $2.5 billion hard cap, said sources close to the firm.
The new fund collected 74% more capital than Pine Brook’s $1.4 billion first fund. The new fund already has invested $300 million in five investments. Pine Brook focuses on businesses in the financial services and energy sectors.
Investors include the $95.1 billion New York State Teachers’ Retirement System, Albany; Oregon Investment Council, Tigard, which runs the $67.1 billion Oregon Public Employees Retirement Fund; Nebraska Investment Council, Lincoln, which oversees $20.5 billion in total assets; the $8.9 billion Montana Board of Investments, Helena; and the $6.4 billion New Hampshire Retirement System, Concord.