Carlyle Group closed Carlyle Power Partners II, its second energy fund targeting power generation assets, at $1.5 billion, the fund’s hard cap, spokesman Christopher Ullman said.
The fund is expected to invest in North America with the assistance of Cogentrix Energy Power Management, a power operations company. Cogentrix is a portfolio company of Carlyle Infrastructure Partners, Carlyle Group’s $1.14 billion infrastructure fund and also acts as Carlyle’s operating company for its power investments.
Carlyle’s second power fund is three to four times larger than its predecessor fund, according to sources with knowledge of the situation who declined to be identified.
Investors in Carlyle’s second power fund include the $19.8 billion New Mexico State Investment Council, Santa Fe, $14.5 billion New Mexico Public Employees Retirement Association, Santa Fe, and $11.7 billion Maine Public Employees Retirement System, Augusta.