EIG Global Energy Partners said May 18 it successfully closed EIG Global Project Fund V with total commitments of $1.1 billion, nearly 50% higher than the fund’s $750 million target.

“With demand for capital high and many traditional sources of capital retreating, the fund is seeking opportunities in the global transition away from traditional hydrocarbons toward more sustainable energy production,” EIG President Randy Wade said in a statement.

Wade added GPF V allows EIG to build on the firm’s 20-year track record in energy and infrastructure direct lending, which invests across the full energy, midstream, power, renewable energy and infrastructure complex on a global basis.

Additionally, EIG raised another $1.5 billion of commitments in the form of separately managed accounts that will invest alongside GPF V.

In total, since the first closing of GPF V in July 2019, EIG has raised $2.6 billion of commitments for its direct lending strategy. Overall, the firm has $22.4 billion under management as of March 31, according to a company release.

More than 70% of the strategy’s capital commitments are from investors domiciled outside of the U.S., which EIG CEO R. Blair Thomas described as a strong testament to the investors’ trust in the firm’s ability to identify and execute on attractive opportunities across the global energy and infrastructure value chain.

“Capital is oxygen to the energy industry, and GPF V is poised to help meet the robust capital demand for energy and infrastructure projects,” Thomas said in a statement. “In a time of tremendous upheaval, our proven capital-raising and origination capabilities and our global platform position us well for the future.”

During its 38-year history, EIG, which is headquartered in Washington, D.C. , has committed over $33.7 billion to the energy sector through 360 projects or companies in 36 countries on six continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe.

EIG’s placement agent for GPF V was Credit Suisse. Kirkland & Ellis served as legal counsel.