EIG Global Energy Partners Announces $1.1 Billion Global Project Fund V

By Amit Chowdhry ● May 18, 2020
  • EIG Global Energy Partners (EIG) announced the successful final close of EIG Global Project Fund V (GPF V) with total commitments of $1.1 billion

Today EIG Global Energy Partners (EIG) announced the successful final close of EIG Global Project Fund V (GPF V) with total commitments of $1.1 billion, which is nearly 50% higher than the $750 million target. EIG also raised $1.5 billion in additional commitments in the form of separately managed accounts that will invest alongside GPF V.

EIG Global Energy Partners (EIG) is known as a leading institutional investor to the global energy sector with $22.4 billion under management as of March 31, 2020. And EIG specializes in private investments in energy and energy-related infrastructure on a global basis. Over the last 38 years, EIG committed over $33.7 billion to the energy sector through 360 projects or companies in 36 countries on six continents.

Since the first closing of GPF V in July 2019, EIG has raised $2.6 billion of commitments for its direct lending strategy in total. GPF V is known as a continuation of EIG’s platform for energy and infrastructure direct lending that invests across the full energy, midstream, power, renewable energy, and infrastructure complex on a global basis. And more than 70% of the strategy’s capital commitments are from investors domiciled outside of the U.S., reflective of the global nature of EIG’s business.

EIG’s placement agent for GPF V was Credit Suisse. And Kirkland & Ellis served as legal counsel.

Key Quotes:

“We are pleased to close GPF V with continued support from our sophisticated global investor base. Our fundraising success in the current environment is a strong testament to our investors’ enduring trust in our ability to identify and execute on attractive opportunities across the global energy and infrastructure value chain. Capital is oxygen to the energy industry, and GPF V is poised to help meet the robust capital demand for energy and infrastructure projects. In a time of tremendous upheaval, our proven capital-raising and origination capabilities and our global platform position us well for the future.”

– EIG CEO R. Blair Thomas

“GPF V allows EIG to build on our 20-year track record in direct lending. With demand for capital high and many traditional sources of capital retreating, the Fund is seeking opportunities in the global transition away from traditional hydrocarbons toward more sustainable energy production. We believe our specialized approach and disciplined underwriting with a focus on sector diversity should position us to continue to generate strong returns through market cycles.”
– EIG President Randy Wade