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Alternative Market Briefing

ECP closes $1.6 billion continuation fund

Friday, June 24, 2022

Bailey McCann, Opalesque New York:

Private equity firm ECP has closed a $1.6 billion continuation fund. 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 Corporation. New investors in the continuation fund also have the opportunity to invest in Calpine Corporation.

ECP's direct ownership stake in Calpine will increase as a result of this transaction.

ECP says the fund is supported by new and returning limited partners, and is anchored by Pantheon and existing consortium investor Phoenix Insurance.

ECP acquired its stake in Calpine in 2018. Calpine Corporation is America's largest generator of electricity from natural gas and geothermal resources. The company provides both wholesale and retail services in power markets throughout the US. Calpine also has a strong pipeline of solar; wind; battery storage; carbon capture, utilization & storage and hydrogen projects to further expand its business.

"As the owner of one of the largest and cleanest natural gas fleets in the U.S. today with a material and growing green energy business, including its geothermal assets and near-term project pipeline, Calpine is well positioned to serve as a model for environmentally responsible power generation amidst the ongoing energy transition," said Tyler Reeder, Managing Partner at ECP.......................

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