New Energy Capital Partners (NEC), a private equity management firm in Hanover that invests in small- and mid-sized clean energy infrastructure projects and companies, held a final closing for New Energy Capital Infrastructure Credit Fund II. This was its fifth private equity fund and second fund focused exclusively on credit opportunities. According to a statement from NEC, total commitments for the fund reached $500 million, which exceeded NEC's initial target of $400 million.
Capital contributions came from a diverse mix of investors, including endowments, foundations, insurance companies, pension plans, health systems, and family offices.
"This is a testament to our longstanding relationships with our capital partners, and the growing interest from investors in the clean energy market," said Scott Brown, CEO of NEC. "NEC has a 15-year track record across four prior funds in the clean energy sector. Our value proposition is differentiated in the private market and one that we believe is increasingly attractive to limited partners."
Patrick Fox, managing partner at NEC, said, "Clean energy remains a fast-growing sector of the energy market and we see that there is an increased appetite for exposure from institutional investors. We are grateful for the overwhelming support we have received from the investor community and look forward to continuing to strive to deliver strong risk-adjusted returns in clean energy investments."
NEC plans to use this capital to continue to invest across clean energy infrastructure assets in North America, including solar, wind, energy efficiency, storage, and water.