Prudential closes USD-343m mezzanine fund for oil & gas, power

Author: 401(K) 2012 on Flickr, CC BY-SA 2.0

September 12 (Renewables Now) - Prudential Capital Energy Partners (PCEP) has closed a USD-343-million (EU 296m) fundraising for its first energy mezzanine fund that will invest in the middle-market upstream oil and gas, conventional and renewable power sectors in North America.

The vehicle, Prudential Capital Energy Partners Fund I LP, will allocate between USD 10 million and USD 50 million on separate investments. As of June 30, PCEP has invested in four portfolio companies, among which Carbon California and Prairie Provident Resource.

"The upstream and power sectors are dynamic and highly capital-intensive sectors within energy that will continue to create ample investment opportunities for the Fund," Randall Kob, managing principal of PCEP, said in a statement on Tuesday.

PCEP is sponsored by Prudential Capital Group. The latter is the private capital arm of PGIM, the investment management businesses of Prudential Financial Inc (NYSE:PRU).

(USD 1 = EUR 0.863)

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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