Black Bay Partners has completed the final closing of its third private equity vehicle, Black Bay III, L.P., reaching the fund’s hard cap of $425 million in capital commitments, the firm said Thursday.
The New Orleans- and New York-based investor focuses on strategic investments across the North American energy value chain and adjacent industrial and chemicals markets. Black Bay said the close drew support from both existing limited partners and new institutional investors, underscoring continued backing for its sector strategy and thematic approach.
The firm also marked the closing as a milestone that coincides with its 10-year anniversary. Founded in 2016, Black Bay said it has raised more than $850 million in cumulative capital commitments across three institutional funds and has completed 16 platform investments, including one investment made within Fund III to date.
Black Bay said it expects to deploy the new fund into a pipeline of opportunities within the energy and industrial ecosystem and will work with portfolio company management teams to accelerate growth and build operational capabilities.
Lazard Frères & Co. LLC served as exclusive placement agent for the fundraising, and Latham & Watkins LLP acted as legal counsel, the firm said.
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“Reaching our hard cap of $425 million on the 10-year anniversary of the firm is an exciting milestone, and we are deeply grateful for the confidence and support from our existing and new investors. Our team’s industry experience and operational focus position us to create value for our investors and all other stakeholders.”
Michael LeBourgeois, Managing Partner, Black Bay Partners
“We are extremely excited about the market opportunity ahead of us in the energy and industrial ecosystem. We see a robust pipeline of attractive investments for Fund III and look forward to partnering with portfolio company leadership teams to accelerate growth, enhance capabilities, and build durable, high-performing businesses.”
Tom Ambrose, Guy Cook, John Lancaster and Matt Schovee, Partners, Black Bay Partners
