Rockland closes $1.2B Power Fund V to back dispatchable assets

Rockland Capital has completed an oversubscribed close of Rockland Power Partners V at its hard cap of $1.2 billion, the firm announced from Houston. The raise — secured in under eight months — represents a roughly 70% increase versus the prior vehicle and underlines institutional appetite for dispatchable generation assets that shore up grid reliability.

The fund drew commitments from a broad spectrum of institutional investors: endowments, foundations, corporate and public pension plans, healthcare systems, insurance firms, consultants, family offices and asset managers. While no single limited partner was named publicly, Rockland said the investor mix reflects long-standing relationships and new entrants focused on energy infrastructure opportunities.

Founded in 2003 and headquartered in The Woodlands, Texas, Rockland Capital specialises in control investments in operating power plants and generation companies across the United States and the United Kingdom. The firm’s strategy targets under-managed or option-rich assets that can be repurposed or optimised to add flexibility and rapid-response capacity to an increasingly stressed grid.

Rockland plans to allocate the bulk of Fund V to existing operating facilities where commercial and operational upgrades can deliver near-term reliability services and cash flow. A smaller portion of capital may be directed to development and construction projects tailored to high-reliability customers — notably data centres — that require fast-deploying, resilient on-site power solutions.

Co-Managing Partner Scott Harlan said the speed and scale of the raise reflect both the team’s track record and the structural demand for dispatchable generation during the energy transition. Co-Managing Partner Jim Maiz highlighted secular tailwinds such as rising data‑centre capacity, industrial reshoring and accelerating renewable penetration, all of which increase the market value of flexible, firming power assets.

The close was arranged with Probitas Partners as exclusive placement advisor and Willkie Farr & Gallagher LLP as fund counsel. Rockland’s hands‑on approach typically involves operational optimisation, commercial repositioning and selective capital investment to modernise plants and create value through improved reliability services and ancillary market participation.