Five years ago, Lime Rock New Energy fell short of its goal to raise a $600 million fund for growth-stage clean energy investments. This time around, the private equity investor has powered through its $500 million fundraising campaign, securing $640 million from asset managers, university endowments, family offices and other institutional investors in the US, Europe and Asia.
“The breadth and quality of our investor base speaks to the growing institutional appetite for energy transition strategies,” said Lime Rock’s Blair Barlow. Nearly 90% of the investors in Lime Rock’s $375 million first energy transition reupped in the new fund. “It reflects the trust our existing partners have in our ability to identify high quality growth companies and work with them to create value,” Barlow said.
Macro outlook
Lime Rock’s Mark Lewis says the new fund will allow the firm to take advantage of “the compelling opportunity set we see across the energy transition landscape.”
Connecticut-based Lime Rock invests in energy transition companies it sees as well-positioned to capitalize on macro trends driving decarbonization and energy security, such as geopolitical risk to electricity demand from AI.
Lime Rock writes checks ranging between $30 million and $30 million for companies with products and services for clean energy generation and grid modernization, energy efficiency for industry and the built environment, and low-carbon transportation.
Earlier this month, the firm backed Boulder Imaging, a Colorado-based company that provides visibility into wind energy and manufacturing systems.
