Ex-Dresdner energy group closes $250m fund

Energy Investors Funds Group closes a US fund for investment in power plants and ‘clean’ energy projects, and announces its independence from Deutsche Bank.

Boston-based Energy Investors Funds Group (EIF Group) has closed a $250 million (€197 million) private equity fund, United States Power Fund, for investment in electric power generation facilities, project development companies, privatized power assets and ‘clean’ energy projects, the firm announced.

 

EIF Group also announced its 100 percent acquisition of a stake in the firm held by Dresdner Kleinwort Holdings, a division of Deutsche Bank. The acquisition was completed on December 31, according to a statement.

 

“Going forward EIF retains a manager-investor relationship with Dresdner, however all ownership interests in EIF’s management companies are now held by key EIF personnel,” the statement read.

 

Partners at EIF Group could not be reached for comment. The firm’s managing partners are John Buehler, Terry Darby and Herb Magid.

 

According to the statement, EIF Group manages over $1 billion in five private equity funds. The firm was founded in 1987 and currently has offices in Boston, San Francisco and New York. EIF Group has made more than 65 equity, mezzanine and debt investments.

 

Deutsche Bank has for the past two years sought to reduce its exposure to private equity. Last year it agreed to the spin-out of MidOcean Partners, formerly DB Capital Partners, a manager of direct private equity investments.

 

The US power sector has heated up recently with major energy investors, such as ArcLight Capital and AIG Highstar, as well as generalist private equity firms such as GTCR Golder Rauner and Warburg Pincus, increasingly focused on buying the assets of debt-strapped utilities.