About This Fund
Rockland Power Partners III, LP (RPP III) is the third fund in the Rockland Capital family, raised by the Houston-based power infrastructure specialist to continue its strategy of acquiring and optimizing under-managed North American power generation assets. The fund opened its first close in October 2016 with a target of $450 million, and achieved a final close of $454 million in April 2018 — slightly exceeding its target — with approximately 80% of commitments coming from existing limited partners returning from the predecessor funds, alongside new institutional investors.
By the time of final close, the fund had already deployed approximately 40% of committed capital across a portfolio of natural gas generation assets, including a portfolio of six natural gas peaking plants acquired from AES Corporation, a 125 MW cogeneration facility in Michigan, and a 290 MW combined-cycle natural gas plant in Texas. The fund's investment approach centers on active operational management, commercial optimization, and capital improvements — including capacity upgrades, heat rate enhancements, and strategic repositioning of assets within deregulated wholesale power markets — to generate attractive risk-adjusted returns for limited partners.
RPP III builds on the track record established through its predecessor funds (RPP I and RPP II, $425 million, 2013) and reflects the growing institutional demand for US power infrastructure as a distinct asset class within real assets portfolios. With a 2016 vintage and final close in 2018, the fund is in an advanced divestiture phase consistent with standard infrastructure fund lifecycles. Rockland Capital has since raised Rockland Power Partners IV at $700 million in 2022/2024, representing the firm's continued growth as a specialized power infrastructure manager with over $2.4 billion in total capital raised since its founding in 2003.