The Indiana Public Employees’ Retirement Fund recently increased its commitment to Energy Capital Partners’ second fund, which closed on $4.3 billion in August, exceeding its original $3.5 billion target.
Indiana upped its commitment to the fund from $40 million to $75 million. Energy Capital Partners II will invest primarily in North American infrastructure assets in the fossil fuel generation, renewable power generation, electric transmission and midstream gas sectors. The firm used Park Hill Group as a placement agent.
Indiana, which manages about $14.2 billion in assets, also recently committed $50 million to Bertram Growth Capital II, which closed on $500 million earlier this month. Bertram focuses on buyouts and providing growth capital to mid-market companies in sectors such as healthcare, manufacturing, technology, and business services industries.
Earlier this year, Indiana committed $150 million across two private equity funds: a $100 million commitment to Lexington Capital Partners VII, which has been targeting $5 billion since December 2008; and a $50 million commitment to Panda Energy, a Texas-based energy developer, which held a first close on $178 million for its infrastructure fund in May. The fund is targeting $800 million.
Indiana was quite bullish on energy sector investments in 2009, committing more than $100 million to energy-focused funds.