New York private equity firm Pine Brook has closed its second fund with $2.43 billion in capital commitments.
The fund, called Pine Brook Capital Partners II LP, exceeded the firm's initial $2 billion target. So far, $300 million in investments have been made from the new venture, which will target deals in the financial services and energy sectors.
“There is no shortage of macro factors driving investment opportunities in both of our targeted sectors, including regulatory changes, demographic shifts and financial repression in the financial services industry, and the unconventional revolution in oil and gas,” says William Spiegel, co-founder of Pine Brook.
Pine Brook's debut fund, which closed in 2009, raised $1.4 billion in capital. Investments from that fund include Common Resources III LLC, Stonegate Production Company LLC and Global Oilfield Services LP.
About half of the commitments for the firm's second fund came from its previous investors, with new investors including pension funds, endowments, as well as investors from China, Europe and Southeast Asia.