Pine Brook, a New York-based investment firm focused on building businesses in the financial services and energy sectors, has closed its second fund, Pine Brook Capital Partners II LP. With total capital commitments of $2.43 billion, the fund exceeded the firm’s target of $2 billion. Fund II has made five investments to date totaling $300 million.
The new fund will have nearly 70% more committed capital than the firm’s $1.4 billion debut fund, with about half of the commitments coming from existing investors. New investors include public pensions and endowments from the US, as well as investors from China, Europe and Southeast Asia.
Fund II will target investments in new and growing companies in the financial services and energy sectors. Pine Brook typically finances these businesses with equity rather than debt, and often uses a Line of EquityTM funding structure in which a multi-year business plan is matched with a long-term capital commitment.
Sidley Austin LLP served as corporate counsel and Credit Suisse acted as placement agent for the fundraising.