PRINT THIS PAGE Cadent closes second fund on $473m01/04/2008. Source: AltAssets. 
Rye Brook, New York-based energy-focused private equity firm Cadent Energy Partners has closed its second fund, Cadent Energy Partners II, on $473.3m. The fund exceeded its initial target of $375m. It was launched in September 2007 and held two previous closings later that year, the first on $231.9m on 4 December and the second on $311.1m on 17 December.
Investors comprise institutions, endowments and high-net-worth individuals.
Paul McDermott, managing partner, Cadent, said, 'We are extremely gratified by the support we have received from our existing limited partners and are pleased to have the opportunity to establish long-term relationships with the new limited partners who have joined our investor group.'
Cadent was established in 2003. The firm targets control and minority investments in small to medium-sized energy and related companies, primarily based in North America. Cadent invests across the energy industry, in sub-sectors such as exploration and production, oilfield services and equipment, power services and equipment and downstream petroleum, typically making equity commitments of $25m to $50m per transaction.
To date, the firm has made two investments from the fund: gas well services business Torqued-Up Holdings and New Orleans-based Ardent Holdings, a provider of electrical and instrumentation services to the oil and gas industry.
The firm's previous fund, Cadent Energy Partners I, closed on $223.9m in August 2005.
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