EIG nears close on $3.5bn fund

EIG Global Energy Partners, formerly the energy and infrastructure group of TCW, is expecting to hold a final close on its fifteenth fund by the end of March.

EIG Global Energy Partners, which spun out of TCW at the end of 2010, is nearing a final close for its fifteenth fund, which has a hard cap of $3.5 billion, market sources told PEI.

The Washington DC-headquartered firm launched Fund XV, its first fund under the EIG banner, in February 2010 with a $2.5 billion target. The firm is expecting to hold a final close by the end of March, and will make energy and energy-related infrastructure investments in upstream and midstream oil and gas, power, renewable energy and infrastructure. About half of the capital collected to date comes from limited partners outside of the US, a source said.

EIG signed its spinout agreement with TCW, the Los Angeles-based asset manager and Societe Generale subsidiary, in October 2009, and completed the spinout on 31 December 2010. The firm will continue to share management fees with TCW.

EIG is one of many energy-focused firms that are either nearing final closes or have closed funds in recent months, including EnCap Investments, Rockland Capital and Natural Gas Partners.

The firm has about $10 billion under management, with about 45 percent of its investment activity in companies outside of the US.  The EIG team has been investing in energy and energy-related infrastructure assets since 1982, with offices in Washington DC, New York, London, Houston and Sydney.