ECP Announces Closing of $1.6 Billion Continuation Fund for Calpine Corporation
SUMMIT, N.J., June 23, 2022 /PRNewswire/ -- ECP today announced the successful completion of a continuation fund with $1.6 billion in capital commitments, and that the continuation fund has subsequently signed a purchase and sale agreement to acquire a portion of Calpine Corporation ("Calpine"), America's premier privately held competitive power company, from ECP III and ECP IV, along with Consortium investors.
- SUMMIT, N.J., June 23, 2022 /PRNewswire/ -- ECP today announced the successful completion of a continuation fund with $1.6 billion in capital commitments, and that the continuation fund has subsequently signed a purchase and sale agreement to acquire a portion of Calpine Corporation ("Calpine"), America's premier privately held competitive power company, from ECP III and ECP IV, along with Consortium investors.
- The fund is supported by new and returning limited partners, and is anchored by Pantheon and existing consortium investor Phoenix Insurance.
- The continuation fund provides ECP III and IV investors, as well as the consortium of investment partners, the opportunity to monetize a minority stake in their investment in Calpine while enabling new investors to invest in the company through the continuation fund.
- Latham & Watkins served as legal counsel to ECP on the formation of the Continuation Fund.