Private equity firm NGP has conducted the final closing of NGP Energy Transition IV LP at $700 million of total capital commitments, the company announced in a June 1 press release.

Since its founding in April 2022, the fund has invested over $100 million in seven portfolio companies, including Noveon Magnetics, Dandelion Energy, Form Energy and Rubicon Carbon.

NGP has invested over $1 billion in the energy transition since 2005.

“Energy transition is key to the future of NGP, and our investment activity in the space is accelerating,” said Chris Carter, NGP’s managing partner. “We believe NGP is a preeminent energy investor across the energy value chain, and we plan to build from the strong foundation of energy transition investing we’ve established over the last 18 years.”

NGP Energy Transition IV was formed with a goal to provide growth capital to companies that seek to grow renewable energy, economy electrification, improve the efficiency of energy and resources and reduce carbon emissions.