New Energy Capital Partners, LLC (NEC) has announced that it has held a final closing for New Energy Capital Infrastructure Credit Fund II, its fifth private equity fund and second fund focused exclusively on credit opportunities.

Total capital commitments for the fund reached the hard cap of US$500 million, which exceeded NEC's initial target of US$400 million. Capital contributions came from a diverse mix of institutional and other investors, including endowments, foundations, insurance companies, pension plans, health systems, and family offices.

NEC plans to use this capital to continue to invest across clean energy infrastructure assets in North America, including solar, wind, energy efficiency, storage, and water. 

In addition to a robust group of new investors, all institutional investors in New Energy Capital Infrastructure Credit Fund I returned to invest in this fund.