Tuesday, July 31, 2007
US Renewables Group Closes $475M Fund
Los Angeles-based US Renewables Group announced Tuesday morning that it has closed on $475M in commitments for its second fund, USRG Power & Biofuels Fund II, LP. The fund is focused on renewable power generation, clean fuels, and related logistics projects. Limited partners in the firm were not disclosed, however, the fund said that it was advised by Credit Suisse Securities, which also acted as placement agent for the fund. The original target for the fund was $250M, and the first close was in December 2006. According to the company, the new fund brings the company's total funds under management to over $575M. US Renewables' management team includes Jim McDermott, former founder of Stamps.com and Lee Bailey, previously a partner with Rustic Canyon Ventures. According to US Renewables, Fund II has made eight investments since its initial close.