Bernhard Capital Partners Close to Closing Debut $750M Energy Services Fund

Sep 4 2015 | 1:54pm ET

Former executives from energy services company Shaw Group are reportedly close to closing its debut energy services fund.

Bernhard Capital Partners launched the private equity effort in October 2014 with a target of $750 million, according to securities filings. Investors have committed $600 million to the new fund, according to PE Hub citing an unnamed source, and the firm is expected to raise the remainder over the next few months.

Bernhard Capital was formed in 2013 by former Shaw executives Jim Bernhard and Jeff Jenkins. Bernhard was chairman and CEO of Shaw Group, while Jenkins was COO of Shaw Environmental and Infrastructure. 

Shaw, which Bernhard founded as a small pipe manufacturer, grew into a publicly traded energy services giant included in the Fortune 500. Shaw was bought by Chicago Brick & Iron in 2013 for $3 billion. 

The Baton Rouge, LA-based private equity company will target businesses providing key energy services across upstream, midstream, downstream, and power verticals, according to the company, seeking to make control or path-to-control investments in North American companies in the engineering & construction, environmental services, specialized equipment & manufacturing, transportation & storage, offshore/onshore operations, and data acquisition & management segments. 

Bernhard Capital has reportedly already started investing from the fund, inking two deals with KBR in July.

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