Braemar collects $280m for third fund

The venture firm is targeting $300m for investments in energy and cleantech companies.

Braemar Energy Ventures has raised about $280 million for its third fund, which has a $300 million target, according to documents filed with the US Securities and Exchange Commission.

The New York and Boston-based firm has attracted commitments from 29 investors, according to the filing, and will invest in venture and expansion-stage energy and cleantech companies. Braemar’s second fund collected $250 million in October 2007, more than four times the $56 million raised for its debut fund in 2003. All of the limited partners in Fund I returned to invest in the second fund, whose backers include the Government of Singapore Investment Corporation, CalPERS-backed PCG Clean Energy and Technology Fund and Macquarie.

Last year, the Rhode Island State Treasury committed $10 million to Fund III.

Braemar Energy Ventures declined to comment. No placement agent is listed in the fund’s SEC filing.

Energy and cleantech have been two sectors of interest for limited partners as of late. The University of Michigan recently committed $25 million to Lime Rock Partners’ sixth fund, which is targeting $1.4 billion for several energy industry subsectors including exploration and production; development of oil and natural gas reserves; energy service providers and oil service technology. 

North Carolina-based venture firm SJF Ventures is also in market with its third fund targeting $75 million for investments in cleantech and technology companies.