LS Power Equity Advisors on Tuesday closed LS Power Equity Partners IV at its $2.25 billion hard cap, exceeding its initial target of $2 billion, a news release said.
The energy private equity fund launched in September 2017 and held its first close in December 2017 on $1.5 billion.
The previous fund in the series, LS Power Equity Partners III, closed at its $2.075 billion hard cap in February 2014.
Investors in the fund include the $120.7 billion New York State Teachers' Retirement System, Albany; Oregon Investment Council, Tigard, which runs the $78.9 billion Oregon Public Employees Retirement Fund; $78.3 billion Virginia Retirement System, Richmond; $64.5 billion Alaska Permanent Fund Corp., Juneau; $19.3 billion Louisiana Teachers' Retirement System, Baton Rouge; and the $4.3 billion San Mateo County Employees' Retirement Association, Redwood City, Calif.
A spokesman for LS Power Equity Advisors declined to comment beyond what was in the release.