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Lime Rock New Energy (“LRNE”) has announced the successful final close of Lime Rock New Energy Fund II at $640 million in total commitments — closing well above the $500 million target and just below the $650 million hard cap, and representing a doubling of committed capital relative to Fund I. The closing was announced on April 22, 2026, and reflects robust institutional investor interest in LRNE’s differentiated approach to investing in high-growth energy transition companies positioned to capitalise on the macro trends driving decarbonisation and energy security.
Fund II attracted substantial interest from both existing and new investors, with nearly 90 percent of Fund I’s institutional limited partners reinvesting in Fund II — a re-up rate that signals deep conviction in LRNE’s strategy and team. The Fund’s diversified limited partner base includes institutional asset managers, university endowments, and climate-focused family offices. The close also marked a meaningful expansion of LRNE’s global investor base, with approximately one-third of Fund II commitments coming from European and Asian institutions.
Mark Lewis, Managing Director of Lime Rock New Energy, expressed deep gratitude for the confidence placed in the firm by its LPs, describing the doubling of committed capital relative to Fund I as a reflection of LP conviction in the team, disciplined investment approach, and compelling opportunity set across the energy transition landscape. He emphasised the firm’s excitement to put the new capital to work on behalf of investors.
Fund II will continue LRNE’s strategy of investing in energy transition-focused companies that offer compelling growth, financial performance, and meaningful climate impact. The firm focuses on three areas central to the transition: products and services driving renewable energy and grid modernisation; energy efficiency for industry and the built environment; and the decarbonisation of transportation.
Blair Barlow, Managing Director of Lime Rock New Energy, highlighted the breadth and quality of the LP base as evidence of growing institutional appetite for energy transition strategies grounded in deep sector expertise and rigorous underwriting. He noted that the strong re-up rate is particularly meaningful, reflecting trust from existing partners in LRNE’s ability to identify high-quality growth companies and work with them to create value.
Mark McCall, Managing Director of Lime Rock New Energy, framed the Fund II close as a major milestone in the firm’s founding mission — built on the conviction that economic and climate imperatives are driving a multi-decade energy transition. He emphasised that LRNE’s strategy is to back companies facilitating and accelerating that transition, with successful financial outcomes translating directly into positive climate and environmental impact. Attracting increased institutional capital into this critically important space, he said, has been central to the firm’s mission from the start.
The Fund II close positions Lime Rock New Energy to deploy meaningful capital into a sector where institutional appetite continues to grow despite a more challenging broader fundraising environment. The firm’s growth-focused, partnership-driven approach — combining capital with strategic and operational guidance and a deep network across the rapidly evolving energy landscape — remains the foundation of its value creation model.
Lime Rock New Energy is a growth-focused private equity partner for entrepreneurs and management teams building differentiated, innovative businesses across the energy transition. The firm invests in three areas central to that transition: products and services driving renewable energy and grid modernisation; energy efficiency for industry and the built environment; and the decarbonisation of transportation. Lime Rock New Energy works alongside its portfolio company leaders to support growth through capital, strategic and operational guidance, and the firm’s deep network of relationships across the rapidly evolving energy landscape. The firm’s approach is grounded in close, collaborative partnerships with the entrepreneurs and teams it backs, with a shared focus on building businesses that deliver strong financial performance and meaningful environmental impact.
