LS Power Equity Advisors closed its third private equity fund, the LS Power Equity Partners III, at a hard cap of $2.08 billion, exceeding the initial fundraising target of $1.5 billion, according to a spokesman.
The fund launched in July and had a first close of $1.52 billion in December. It focuses on acquiring operating power generation assets. No investments have been made so far, the spokesman said.
The predecessor fund raised $3.09 billion, exceeding its $2.5 billion original target.
Investors include the $49.9 billion Alaska Permanent Fund Corp., Juneau; $16.1 billion Louisiana Teachers’ Retirement System, Baton Rouge; and $3.8 billion Houston Police Officers’ Pension System.