Energy Capital Partners已为Next Wave Energy Partners关闭了价值8.34亿美元的延续工具，Next Wave Energy Partners是休斯顿船舶海峡旁边的一家独立烷基化综合设施的运营商，该设施已在其投资组合中运营了八年。
Energy Capital Partners has closed an $834 million continuation vehicle for Next Wave Energy Partners, the operator of a stand-alone alkylation complex next to the the Houston Ship Channel that has been in its portfolio for eight years.
作者：Ryan Gould Next Wave，其工厂从液化天然气中生产清洁燃烧的高辛烷值汽油成分，是BEP的第三个延续车辆。根据彭博新闻社查阅的一份声明，这家私募股权公司早期的延续工具涉及可再生能源提供商Terra-Gen（2021年）和发电企业Calpine Corp.（2022年），这两家公司现已退出。
By Ryan Gould Next Wave, whose facility produces a clean-burning, high-octane gasoline component from natural gas liquids, is the third continuation vehicle for ECP. The private equity firm’s earlier continuation vehicles involved renewable energy provider Terra-Gen in 2021 and power generation business Calpine Corp. in 2022, both of which it has now exited, according to a statement reviewed by Bloomberg News.
该延续工具由GCM Grosvenor、Phoenix Insurance、Ardian、StepStone和North Hudson Resource Partners以及新的和回归的有限合伙人共同锚定，为BEP IV投资者提供了将其在Next Wave的股份完全货币化的机会。BEP在声明中表示，将将其收益重新投资于延续工具。
The continuation vehicle is anchored by GCM Grosvenor, Phoenix Insurance, Ardian, StepStone and North Hudson Resource Partners, alongside new and returning limited partners and provides ECP IV investors with the opportunity to fully monetize their stake in Next Wave. ECP said in the statement that it will reinvest its proceeds into the continuation vehicle.
BEP负责人本·康登（Ben Condon）将延续车辆视为工具包中的另一种工具。
Ben Condon, principal at ECP, sees continuation vehicles as another tool in the tool kit.
康登在接受采访时表示：“这不是我们要用每一项资产来做的事情。”“但当它有意义，为现有的有限合伙人提供良好的价值，并且你可以看到简历投资者可以在三到五年的时间内利用的未来增长时，这些情况对我们来说是有意义的，在企业中停留更长时间。你可以在账簿的两边产生良好的回报。”
“It’s not something we’re going to do with every single asset,” Condon said in an interview. “But when it makes sense, provides good value for existing LPs, and you can see future growth that a CV investor can capitalize on over a three-to-five-year time frame, those are scenarios where it makes sense for us to stay with the businesses longer. You can generate good returns on both sides of the ledger.”
资产管理公司一直在争先恐后地将老化基金重新包装成延续工具等吸引更广泛买家的形式。根据数据提供商PitchBook 8月份题为“私募股权的僵尸问题”的分析，2025年私募股权行业净资产价值中约有40%持有于7年或以上的基金，高于2022年的约30%。康登表示，BEP的基金IV于2018年投资了Next Wave。他说，该业务在强有力的管理下表现良好，但拥有一些“价值创造杠杆”，将在未来两到三年内发挥作用。
Asset managers have been scrambling to repackage aging funds into formats such as continuation vehicles that appeal to a wider range of buyers. Some 40% of the private equity industry’s net asset value was held in funds that were seven or more years old in 2025, up from about 30% in 2022, according to an August analysis by data provider PitchBook titled “Private Equity’s Zombie Problem.”ECP’s Fund IV invested in Next Wave in 2018, Condon said. The business is performing well under strong management but has a few ”value-creation levers” that will play out over the next two to three years, he said.
康登补充道：“与管理团队一起在董事会工作了这么长时间，我认为我们能够比新买家更好地保障他们的增长和价值创造。”“对我们来说，用这支团队重新加载是有意义的。”BEP成立于新泽西州萨米特，已从机构投资者那里获得了超过410亿美元的资本承诺。Moelis & Co.就续作车辆提供了建议，莱瑟姆·沃特金斯律师事务所担任基金成立法律顾问。
“Having sat in the boardroom with the management team for so long, I think we’re able to underwrite their growth and value creation better than a new buyer,” Condon added. “For us, it made sense to reload with this team.”ECP, founded in Summit, New Jersey, has secured more than $41 billion in capital commitments from institutional investors. It was advised on the continuation vehicle by Moelis & Co., with Latham & Watkins serving as fund formation counsel.