Commonfund closes FoF on $507m

The Connecticut-based firm is investing its ninth fund of funds focused on the natural resources sector.

Commonfund Capital, the private equity, venture capital and natural resources unit of $25 billion investment manager Commonfund, has closed its most recent natural resources fund of funds on $507 million, according to a statement from the firm. 

Commonfund Capital Natural Resources Partners IX launched in 2011 with a $500 million target, the firm said. Fund IX received commitments from both existing and new investors. Limited partners included the University of Alaska, Iowa State University and the Florida State College Foundation, according to Private Equity International’s Research and Analytics division.

Fund IX has begun making commitments and focuses on global investments in oil and gas production, power and energy infrastructure, mining and alternative energy sectors, the firm said.

Commonfund Capital Natural Resources Partners VIII, a 2008 vintage, collected $752 million on a $750 million target. The firm’s seventh natural resources fund, which raised $505 million, was generating a net investment return rate of 7.1 percent of 30 June 2012, according to documents from the University of Alaska foundation.

Commonfund Capital manages global fund of funds and a number of multi-strategy funds and separate customised accounts. In July, the group promoted former managing director Donald Pascal to president, and in May it hired Cari Lodge from the Tulane University investment management office as a director to oversee the firm’s growth and management of secondaries.

Commonfund was founded in 1971 as a non-profit with a grant from the Ford Foundation. Based in Wilton, Connecticut, it manages $25 billion for endowments, foundations and pension funds.