Braemar Energy Ventures Closes $300M Fund

Braemar Energy Ventures has closed its third fund, Braemar Energy Ventures III, LP, with $300 million, the firm announced Wednesday. The fund comes in higher than Braemar’s $250 million Fund II, and will focus on venture and expansion-stage energy technology companies that work to deliver cleaner, cheaper, more efficient and reliable energy solutions, the firm said.

Returning LPs include MassMutual, Alpinvest Partners, Morgan Stanley Alternative Investments, Macquarie and GIC Special Investments — the Government of Singapore. New LPs include Munich Re, HarbourVest, the State of Rhode Island, Rothschild Investment Trust and Invesco on behalf of the California State Teachers’ Retirement System.

 

PRESS RELEASE

Braemar Energy Ventures announced today that it closed its third fund, Braemar Energy Ventures III, LP, at the maximum amount of $300 million on June 19, 2012. The Fund will invest in innovative venture and expansion-stage energy technology companies that serve the conventional and alternative energy markets to help deliver cleaner, cheaper, more efficient and reliable energy solutions.

 

The Fund, which was oversubscribed and closed at an amount that is higher than Braemar’s $250 million Fund II, attracted many new and returning institutional investors from the U.S., Europe and Asia. Among the larger institutions participating in the Fund were existing LP’s MassMutual, Alpinvest Partners, Morgan Stanley Alternative Investments, Macquarie and GIC Special Investments — the Government of Singapore. Existing investors were joined by new financial LPs that included Munich Re, HarbourVest, the State of Rhode Island, RIT (Rothschild Investment Trust) and Invesco on behalf of the California State Teachers’ Retirement System (CalSTRS). There were also several strategic investors from the energy industry including the utility AEP (American Electric Power) and several multinational energy companies from Asia and the Middle East.

 

“We are grateful for the continued support of our existing investors and the addition of a number of new LPs who have joined us in Fund III,” said Neil S. Suslak, Co-Founder and Managing Partner of Braemar Energy Ventures. “We recognize that we are in the midst of a challenging investment environment but one which we believe, in the end, will breed great opportunities and innovation in our sector.”

 

“Although a vast space, the global energy industry is constantly evolving and technology has always been an important catalyst for creating change,” said Braemar’s other Co-Founder and Managing Partner, William D. Lese. “We believe that technologies that improve both the efficient use and supply of energy will continue to meet one of the most pressing needs of the 21st century and Braemar is focused on investing in innovative companies developing solutions to meet those challenges.”

 

With an investment strategy that continues the approach employed in its two prior Funds, Braemar’s focus is on technology that spans the entire energy industry ranging from conventional oil, gas, and coal, markets to renewable power and fuels. “Energy efficiency continues to be a major theme in the new Fund with technology ranging from utility-scale solutions down to managing power and fuel consumption at the device level,” added Dennis R. Costello, Managing Partner of Braemar Energy Ventures.

 

Braemar’s team of energy industry veterans is led by Mr. Suslak, Mr. Lese, Mr. Costello and, Partner Emeritus, George S. Reichenbach. The Principals have been involved in the energy industry throughout most of their careers and, as venture capitalists, have invested in more than 60 companies in the energy technology sector, producing over 20 exits.

 

About Braemar Energy Ventures

 

Braemar Energy Ventures is a venture capital fund making early- to mid-stage investments in the energy technology sector. The firm’s principals have invested in more than 60 companies in the sector and have more than 100 years of combined technical, operational and financial experience in energy and energy-related industries. Braemar partners with exceptional companies and management teams, in both alterative and traditional energy markets, that can contribute to a more profitable and efficient energy landscape through innovation and marketplace expertise.