Rockland Capital, a private equity firm focused on control investments in critical power generation assets, announced the closing of Rockland Power Partners V, LP at its $1.2 billion hard cap. The Fund was raised in less than eight months, representing more than a 70% increase in size from the predecessor fund. 

Rockland secured commitments from a diverse group of leading institutional investors, including endowments, foundations, corporate and public pensions, healthcare systems, insurance companies, consultants, family offices, and asset managers. 

The Woodlands, TX-based firm focuses on power generation assets that are under-managed, “option-rich”, and capable of providing critical reliability services to a grid under strain from both supply and demand challenges, the firm said. 

The Fund will primarily invest in existing operating power plants, adapting and repurposing assets to add flexibility, speed, reliability, and capacity to address the pressures from an evolving energy landscape. A smaller portion of the Fund may be allocated to the development and construction of new power plants designed to meet the data center sector’s growing need for rapid deployment and high reliability. 

“This fund positions us to continue acquiring and optimizing power generation assets at a pivotal moment for the sector,” added Jim Maiz, Co-Managing Partner. “With accelerating demand from data centers and manufacturing reshoring, coupled with continuing renewable integration, we see compelling opportunities to create value while providing essential reliability services to the grid.” 

Probitas Partners acted as the exclusive placement advisor for the Fund, and Willkie Farr & Gallagher LLP acted as fund counsel.