US-based private equity firm Greenbelt Capital Partners announced the final close of its inaugural fund, Greenbelt Capital Partners III (Fund III), at its hard cap of $1 billion. The firm said that its fund reached its hard cap, and surpassed its initial target of $750 million.

The successful raise marks a significant milestone for the firm, which was founded in 2022 to invest in middle-market companies seen to be advancing the energy transition. Focus areas for the firm include transportation electrification, renewable and distributed generation, energy efficiency, energy storage, digitalization, sustainable fuels development, grid modernization, and traditional energy sustainability and decarbonization.

Greenbelt’s typical target investment size ranges from $50 million to $150 million, across investment types including private equity, late stage, and infrastructure development.

Fund III attracted backing from a global pool of institutional investors, including insurance firms, foundations, pension funds and sovereign wealth funds across North America, Europe and Asia-Pacific.

Chris Manning, Greenbelt’s CEO and Managing Partner, said:

“We’re proud to have assembled a high-quality group of investors that share our long-term vision and commitment to building businesses that are both commercially excellent and critical to the future of energy and infrastructure. We sit at the intersection of several defining megatrends – from grid modernization and power generation to digital infrastructure, industrial electrification and energy efficiency.”

Greenbelt has already begun deploying capital from Fund III into several portfolio companies and continues to evaluate a robust pipeline of opportunities.

Led by Manning and Managing Partner Glenn Jacobson, Greenbelt aims to capitalize on long-term secular shifts within the energy and infrastructure sectors. With a value-driven investment model and collaborative approach, Greenbelt aims to scale commercial leaders in these sectors which are shaping a lower-carbon, more resilient energy landscape.

The close brings Greenbelt’s total assets under management to approximately $2.5 billion.