Pelican Raises $450M for Debut Nuclear Energy Services Fund

Pelican Energy Partners closed its Pelican Energy Partners Base Zero LP at $450 million, far exceeding its target of $300 million and initial hard cap of $400 million. This is Pelican’s first fund focused on control buyout and growth investments in nuclear energy services and equipment companies.

Houston-based Pelican has raised more than $1 billion since 2012 and fully realized over 15 investments. The firm said nuclear energy accounts for over 20% of U.S. electricity and nearly 50% of U.S. carbon free electricity. As of the final close date, the fund had completed six platform investments with several additional opportunities expected to close prior to year-end.

The fund attracted commitments from long-standing existing and new institutional LPs, including endowments, foundations, family offices, pension plans and prominent gatekeepers. The team also provided a substantial GP commitment contributing to the fund’s momentum.

“This strategy is a continuation of our focus on the lower middle market where we continue to see excellent investment opportunities with substantial value creation potential,” said Mike Scott, founder and managing partner at Pelican.

Calpa Partners served as the global placement agent and advisor on the fundraise. Kirkland and Ellis acted as fund counsel.