ECP closes US$1.6bn continuation fund to buy direct stake in Calpine

ECP has announced the financial close of a continuation fund with US$1.6 billion in capital commitments and that the continuation fund has signed a purchase and sale agreement to acquire a portion of Calpine Corporation from ECP III and ECP IV as well as consortium investors.

The fund is anchored by Pantheon and Phoenix Insurance and is supported by new and returning limited partners. The continuation fund enables new investors to invest in Calpine, while also giving ECP III and IV investors, as well as the consortium of investment partners, the chance to monetize a portion of their investment in the company.