Firms & Funds

EIV Capital targets $450 mln for third flagship fund

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EIV Capital, oil and gas, energy, private equity
An oil storage tank and crude oil pipeline equipment is seen during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson - RTSGTQF
  • Firm: EIV Capital
  • Fund: EIV Capital Fund III
  • Target: $450 mln
  • Amount raised: $341.7 mln
  • Placement Agent: Champlain Advisors

EIV Capital, the Houston investor in energy-sector infrastructure, more than doubled the target of its third buyout fund compared with its predecessor, while remaining active on the acquisition trail.

EIV Capital said it raised $341.7 million toward a target of $450 million for EIV Capital Fund III, according to a filing. The firm set a target of $200 million for Fund II, which wrapped up in early 2015 with $267 million in commitments.

Champlain Advisors is placement agent for Fund III after it worked on Fund II, according to filings.

EIV Capital Fund III lists a date of first sale of Dec. 9, with 34 LPs for the fund.

In an email to Buyouts, the firm declined to comment on its fundraising activities.

On the deal front, EIV Capital in the past year announced at least three investments and one exit.

In October, the firm said it said it completed a $20 million investment in Gazelle Transportation, a crude-oil-transportation and fluid-management-logistics company.

Last June, the firm led a $100 million commitment with its institutional partners to back the formation of H20 Midstream, a specialist in water infrastructure for oil and gas production.

And early in 2016, the firm said it completed a $40 million investment to form CAM Integrated Solution, an engineering, procurement and construction management company.

On the exit front, EIV Capital sold four landfill gas-to-energy facilities to Cube District Energy, a portfolio company of I Squared Capital, in early 2016. Terms weren’t disclosed. EIV Capital teamed up with MAS Energy to develop the facilities.

EIV Capital typically invests $10 million to $60 million per deal in companies with $3 million to $30 million of EBITDA, the firm’s website says.

Patricia Melcher, managing partner, co-founded EIV Capital in 2009 after she launched Allegro Capital Management in 1997. EIV Co-Founder Anthony Annunziato sits on the firm’s investment committee.

Action Item: Reach EIV Capital: http://www.eivcapital.com/contact-us/

An oil storage tank and crude oil pipeline equipment is seen during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, on June 9, 2016.  Photo courtesy Reuters/Richard Carson