LS Power Locks in $200M from PSERS for Infrastructure Fund

LS Power Equity Advisors, an electricity generation and infrastructure investor, has secured a $200 million commitment from the Pennsylvania Public School Employees’ Retirement System (PSERS) for its latest flagship fund.

The firm is targeting $2.5 billion for the fund with a $3 billion hard cap. The vehicle will target assets it believes can be built or acquired at meaningful discounts that are complex from an operational, regulatory, or commercial perspective.

LS Power expects to deploy the fund across 10 to 15 deals, with investment sizes ranging between $100 million and $500 million.

In July, LS Power received a $150 million allocation for the vehicle from the New Mexico State Investment Council.

The firm surged past $2 billion for the third consecutive fundraise through the final close of its fourth fund in 2018.

LS Power, which was formed in 1990, has developed, constructed, managed and acquired more than 46,000MW of power generation.