ECP has closed a continuation fund with $1.6 billion in capital commitments. The fund has subsequently signed a purchase and sale agreement to acquire a portion of Calpine Corporation (Calpine), an USA-based, privately held 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 monetise a minority stake in their investment in Calpine while enabling new investors to invest in the company through the continuation fund. ECP’s direct ownership stake in Calpine will increase as a result of this transaction.
