Braemar Energy Ventures Closes Fund III at $300 Million Maximum
June 27, 2012
For Immediate Release
Firm’s Third Energy Technology Fund to Continue Investments in Technology for the Conventional and Alternative Energy Markets
NEW YORK, NY (June 27, 2012) – 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
Founded in 2003, Braemar Energy Ventures is a leading venture capital firm focused on transformative energy-tech and related companies contributing to global sustainability and combating climate change. Using sector expertise and experience, Braemar aims to be an engaged partner with its portfolio companies to best help them navigate the path to significant global impact. For more information, visit braemarenergy.com or follow @BraemarEnergy on Twitter.