EIV Capital LLC on Feb. 9 announced the final closing of its fourth flagship fund at $702 million, surpassing the energy-focused private equity firm’s original $625 million target.

“We believe that many market factors, including COVID-19 and ESG tailwinds, created an attractive investing environment in the energy sector,” David Finan, partner of EIV Capital, commented in a company release.

Founded in 2009, EIV Capital is a Houston-based private equity firm specializing in providing growth equity to the North American energy industry with more than $900 million of capital available to deploy into new investments.

EIV Fund IV—the firm’s largest fund to date, according to EIV Capital Co-founder and Managing Partner Patti Melcher—will pursue making growth equity investments primarily in energy infrastructure and niche renewable energy sectors.  

“We believe EIV’s experience investing across the energy value chain, including over a decade of investing into renewable energy companies, positions EIV to support companies and projects both within traditional energy and energy transition sectors of the industry,” Melcher commented.

EIV Capital said Fund IV will primarily focus on midstream infrastructure, including gathering, processing, distribution, storage and marketing of oil, natural gas and refined products, as well as growth renewable projects, including waste to energy, renewable natural gas, renewable chemicals, and businesses providing resiliency and reliability to the electric grid. 

EIV will also “opportunistically” consider investments from its fourth flagship fund in other parts of the energy value chain, according to the release.

Fund IV, which completed fundraising activities in early December, has already partnered with three new portfolio companies to support their growth. Latham & Watkins LLP served as legal counsel for Fund IV.

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