Carlyle Group closed a $2.8 billion energy credit fund, Carlyle Energy Mezzanine Opportunities Fund II, spokesman Randall B. Whitestone said in an e-mail.
The new fund is twice the size of the $1.38 billion Carlyle Energy Mezzanine Opportunities Fund, which closed in 2012.
The fund also exceeded its $2.5 billion fundraising target.
“We are grateful for our investors' continued support. The second fund enables us to undertake larger transactions and fill a market need by providing investment capital to energy companies challenged to obtain capital from traditional sources,” said David Albert, managing director and co-head of the energy mezzanine team.
Investors in the fund include $54.9 billion Michigan Department of Treasury, Bureau of Investments, East Lansing; $25.5 billion Texas Employees Retirement System, Austin; and $24.3 billion Texas Municipal Retirement System, AuTexas Municipal Retirement SystemTexas Municipal Retirement System, Austin.