ArcLight collects $383m for Fund V

The energy investor has set a target of $2bn for its fifth fund. Barclays' wealth management division has introduced 'select' clients to the fund.

ArcLight Capital Partners, a Boston-based energy investing firm, has raised about $383 million for its fifth fund, which is targeting $2 billion.

It’s not clear if the firm is using a placement agent for the fundraising. The firm, led by managing partner Daniel Revers and senior partner Robb Turner, had engaged MVision to raise the fund, but the placement firm was off the assignment by autumn of 2010.

While it remains unclear if ArcLight has hired another placement shop for the fundraising, Barclays Wealth has introduced “select” clients to commit capital to the fund, though the wealth management business is not raising the fund, according to sources with knowledge of the situation and filings with the US Securities and Exchange Commission.

The fund was launched in 2009 with a target of $3 billion. ArcLight and Barclays Wealth did not return calls for comment at the time.

Sources told PEO in past interviews that potential limited partners needed to see the performance of existing funds before committing more money to ArcLight. The firm collected $2.1 billion each for its third fund in 2006 and its fourth fund in 2007. The firm raised $1.6 billion for its second energy fund in 2004 and $950 million for its debut fund in 2003.

ArcLight has had some exit activity recently. The firm in January agreed to sell 49.9 percent of its stake in five power plants to the Government of Singapore Investment Corporation and GE Energy Financial Services for an undisclosed sum. The deal is subject to regulatory approval and the approval of the Committee on Foreign Investment.