Growth-focused private equity investor Lime Rock New Energy (LRNE) announced the final close of Lime Rock New Energy Fund II, raising $640 million to invest in high growth energy transition companies.
At the final close, the fund significantly surpassed its $500 million target, and doubled the size of its predecessor Fund I.
Mark Lewis, Managing Director of Lime Rock New Energy, said:
“We are tremendously grateful for the confidence our limited partners have placed in us. Closing Fund II at double the size of Fund I reflects their confidence in our team, our disciplined investment approach, and the compelling opportunity set we see across the energy transition landscape.”
Founded in 2019, Connecticut-based LRNE invests in energy transition-focused companies that help their customers produce, consume, or decarbonize energy with a quantifiable, positive environmental impact, with a focus on three key areas, including products and services driving renewable energy and grid modernization, energy efficiency for industry and the built environment, and the decarbonization of transportation.
The firm said that nearly 90% of its investors from Fund I re-invested in Fund II, while the new fund saw a meaningful expansion in its investor base, with approximately one third of commitments coming from European and Asian institutions.
Mark McCall, Managing Director of Lime Rock New Energy, said:
“Lime Rock New Energy was founded on the conviction that economic and climate imperatives are driving a multi-decade energy transition. Our strategy is to back companies that are facilitating and accelerating that transition. When those companies succeed financially, they create positive impact for the climate and the environment.”
