At the end of November, RockPort Capital Partners closed on roughly $155 million (€131 million) for its second fund, RockPort Capital Partners II. The firm, based in Boston, is seeking $275 million for the follow-up vehicle, according to filings with the Securities and Exchange Commission.
RockPort is a tech-focused energy venture group that targets opportunities in the energy and power, advanced materials, and process and prevention segments of the space. Past investments for the firm include deals in fuel-cell components developer Aspen Products Group, insulation tech company Aspen Aerogels, electric utility-load management outfit Comverge, and low-cost manufacturer of solar panels Evergreen Solar.
The firm will typically write equity cheques of between $1 million and $10 million in size.
RockPort Capital was launched out the energy-focused merchant bank RockPort Partners in 2001. David Prend and Wilber James, the co-founders of the merchant bank, serve as managing general partners at the venture group, while Hap Ellis, Janet Burrows James, Charles McDermott and Todd Wilson all serve as general partners.
The new fund, according to SEC filings, has the backing of Reservoir Capital Group, a New York-based energy fund that recently scored big with its investment in Sithe Energies. (Reservoir unloaded its majority stake in the electric energy generation company with new a $500 million investment from Blackstone Group).
RockPort’s debut fund was capitalised with $125 million.