Canadian energy investor Chrysalix Energy is nabbing a broader pool of limited partners as the Vancouver, B.C.-based firm announced last week it held a first close on Chrysalix Energy II U.S. Limited Partnership.
Chrysalix did not disclose how much capital it raised for the first close, and the fund only mentions a broad target of between $60 million and $100 million before the end of 2005. “We’ve got a good chunk of what we need,” says Christine Bergeron, vice president of investments with the firm.
Chrysalix Energy focuses on early stage deals in fuel cell, hydrogen and other energy-related investments. While all of its investments so far have been in North American-based companies, the firm is now sourcing deals in China, Israel and Western Europe, Bergeron says.
New limited partners in the fund include lead investors WestAM, the private equity affiliate of German bank WestLB; investment management company Robeco. Teachers’ Private Capital, the private equity group of the Ontario Teachers’ Pension Plan, is also a new LP.
Previous backers BASF Venture Capital, BOC, Boeing, Mitsubishi and Shell Hydrogen also have returned as investors.
The firm’s first fund, Chrysalix Energy Fund I, closed in 2001 with $32 million in commitments. LPs in the first fund included Ballard Power Systems, BASF Venture Capital, BOC, Boeing, Mitsubishi and Shell Hydrogen.
Chrysalix Energy is the latest energy fund to have a close. In late January, San Francisco-based Expansion Capital Partners announced the first close of its second fund, Clean Technology Fund II, with $20 million of a targeted $50 million or more.
Expansion and Chrysalix join the ranks of larger funds that have found increased success in raising energy-related funds.