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In a fundraising feat that defies current market headwinds, Excelsior Energy Capital announced Tuesday the close of its second energy investment fund—Excelsior Renewable Energy Investment Fund II LP—after raking in more than $1 billion in capital. That’s a resounding leap beyond its $750 million target and nearly double the $504 million haul from its inaugural fund in 2021.

The fund, advised by Sidley Austin LLP, underscores investor confidence in the firm’s renewable energy vision and marks a bullish commitment to clean infrastructure projects across the United States.

“Exceeding our target, especially in this fundraising market, is a great outcome,” said Alex Ellis, co-founder and partner at Excelsior. “This success validates our strategy and the growing appetite for sustainable, forward-thinking infrastructure.”

A Powerhouse Portfolio Already in Motion

Over half of Fund II's capital has already been committed, funding 15 projects representing a combined 2.25 gigawatts of generation capacity—including solar and energy storage initiatives across the country. These are not distant ambitions but tangible investments fueling what Excelsior calls the backbone of the new energy economy.

As the centerpiece of this latest venture, Excelsior has launched Lydian Energy, a portfolio company focused on developing utility-scale solar and storage systems across North America. Lydian is poised to drive scalable clean energy solutions at a time when grid resilience and carbon neutrality are top national priorities.

Investors from Five Continents Back Fund II

The global nature of the investor pool speaks volumes. Anchored by the Development Bank of Japan Inc., the fund drew support from limited partners spanning the U.S., Japan, Europe, Australia, and the Middle East. The roster includes institutional giants: pension funds, insurance companies, fund-of-funds, endowments, diversified asset managers, and family offices—many of them returning from Excelsior’s first fund.

“We’re proud to build on the success of our inaugural fund,” said Chris Moakley, Excelsior’s managing partner. “With Fund II, we’re not just expanding—we’re scaling up strategically, pushing into new territory while remaining grounded in disciplined, high-performance investing.”

Advisory Firepower and Strategic Vision

Guiding the legal framework of this milestone was Sidley Austin LLP, with partner Patrick Michel at the helm of the advisory team. Their involvement underscores the complexity and significance of the fund’s formation and deployment strategy, as Excelsior positions itself at the vanguard of energy transition infrastructure.

With the U.S. accelerating its move toward decarbonization and energy resilience, Excelsior’s bold bet on renewables could become a blueprint for future infrastructure investing.