Private Equity News & Analysis

Rockland closes debut institutional fund on $333m

The Houston, Texas-based energy investor has made one investment to date, acquiring an interest in California’s La Paloma Generating Plant.

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Houston, Texas-based energy investor Rockland Capital has closed its debut institutional fund, Rockland Power Partners, on $333 millon.

The fund, which will invest primarily in distressed power generation assets, had an original target of $350 million with a $500 million hard cap. Rockland Power Partners had received commitments from 42 investors as of October 2010, according to SEC documents.  Limited partners in the fund include US endowments and foundations, funds of funds, pensions and family offices.

“We started fundraising in mid-2008,” Rockland Capital partner Shane Litts told PEO. “You can tell from that that it was a tough road.” 

Rockland completed its first investment from the fund in April 2010, acquiring an interest in the La Paloma Generating Plant, a natural gas-fired power facility located in McKittrick, California.

Berchwood Partners acted as placement agent for the fund. The firm previously invested on a deal by deal basis.

In November 2010, Rockland hired Terry Everett as its chief financial officer and chief compliance officer. Everett previously oversaw financial management and operations at The Carlyle Group for more than four years, prior to which she worked in the corporate financial reporting department at Salt River Project, the US’s third largest public power utility.

Other Texas-based energy infrastructure funds to enjoy fundraising success recently include the Panda Power Generation Infrastructure Fund, which held a first close on $178 million in May, and EnCap Investments, which raised $791.6 million in April 2010 for the EnCap Energy Infrastructure Fund. EnCap also raised $1.2 billion toward its eighth energy fund as of October 2010. The fund is seeking $2.5 billion in total commitments.

Rockland Capital is a private equity firm that was formed in early 2003 to acquire and develop investment opportunities in the North American and European power and energy infrastructure markets. The firm has offices in Houston and New York.