Tenaska closes $2.4bn fund

Investors came mainly from the US, but also from Canada, Europe, Australia and Asia.

With its new fund, Tenaska will continue to invest in the following sectors of the US energy industry: power generation (including renewables), natural gas storage, pipeline and other gas midstream assets; and natural gas and power infrastructure goods and services.

Since its first closing in October 2007, TPF II has completed three investments and is about to close a fourth.

'The opportunity drivers in our core sectors (including strong demand for energy, aging infrastructure suffering from chronic underinvestment, rising environmental concerns and financial distress) - combined with our ability to provide capital and our operating expertise - play to our strengths,' said TCM senior managing director Paul G Smith. 'As a result, we are seeing attractive opportunities across all of our sectors to deploy our capital and apply our operating skills.'

'We view the strong support of our investors, particularly in light of current market conditions, as a resounding endorsement of our proven investment strategy and the attractiveness of our core sectors,' added TCM senior managing director Alan B Levande. 'We are pleased to welcome back so many of our TPF I limited partners and to have attracted new investors from across North America, Europe, Asia and Australia.'

Despite the challenging current financial environment, many TPF I investors increased their commitments to TPF II, the firm said.

Tenaska closed its previous fund, Tenaska Power Fund, on $838m in 2005.

Tenaska Capital Management has $3bn in assets under management.

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