Private-equity sponsor Tailwater Capital LLC tied up a fourth fund in what otherwise has been a largely barren landscape for capital raising. Its Tailwater Energy Fund IV LP, focused on midstream infrastructure investments, raised $1.1 billion in capital commitments, including a co-investment in one of its portfolio companies.

Based in Dallas, Tailwater said it would target opportunities “across the midstream value chain from the wellhead to the refinery gates.” Jason Downie, co-founder of Tailwater with Edward Herring, said that as it puts capital to work in a “strategic and patient way,” it expects to see “some of the most compelling buying opportunities we have come across in many years.”

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