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Carlyle sets $2B cap for second renewables fund

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Private equity giant Carlyle has raised more than $591.4 million for its second renewables and sustainable energy fund, per an SEC filing.

Why it matters: The raise has spurred Carlyle to set a $2 billion cap — nearly triple the fund's first renewables fund.

Details: Carlyle began raising for its Renewable & Sustainable Energy Fund II in June 2022, per the firm's SEC filing.

Zoom in: The fund expects to make 10 to 15 investments spanning $75 million to $250 million, per a Buyouts Insider report, citing a presentation last year to Boston Retirement System.

  • It's planning control or significant minority stakes. Target sectors include solar, wind and battery storage, EV infrastructure, industrial decarbonization, and infrastructure service and equipment providers.

Flashback: Carlyle previously collected more than $700 million for its first renewables fund in 2021.

  • That fund's investments include D.C.-based utility-scale developer Copia Power and Canadian developer Amp Solar.

Context: The new Carlyle fund joins a growing list of multibillion-dollar renewables vehicles from private equity heavyweights.

  • Blackstone, for example, is targeting $6 billion for its fourth energy transition fund.
  • Brookfield Asset Management is on track to raise more than $15 billion for its second global transition fund — effectively doubling the $15 billion it raised last year for its first such fund.
  • TPG, of course, raised $7.3 billion for its Rise Climate fund.
  • And Apollo Global Management is set to launch an energy transition strategy this year.
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