WSJ Pro PE Newsletter – CCMP Growth Raises Debut Fund | A $300 Million Bet on Supplying Green Power to Data Centers

By Ted Bunker
July 17, 2024

Good morning! Tuesday generated more than the usual cascade of deal news, but before we take you there we’ll start with a fundraising scoop from our Chris Cumming. He reports that CCMP Growth, the successor firm to CCMP Capital, has raised more than $500 million for its first fund.

Next, our Luis Garcia writes that Sandbrook Capital and NGP Energy Capital pitched in $150 million each to back newly formed Cloverleaf Infrastructure. The business helps connect power- hungry data centers to sources of renewable energy.

Then on to the deals, with our lead story from Colin Kellaher and Laura Kreutzer on Apollo’s acquisition of Travel Corp., followed by Blue Owl’s $450 million purchase of credit-focused Atalaya Capital.

We also have some big exits and nearly two-dozen other deals summarized and linked for you below, so please read on…

Today’s Top Stories Irrelevant content excluded

Sandbrook Capital and NGP Energy Capital Management have pledged a total of $300 million to Cloverleaf Infrastructure, a newly formed business to help data center operators obtain renewable power supplies, Luis Garcia reports for WSJ Pro. These days, this often includes helping overburdened utilities find new ways to provide that power. Cloverleaf in Houston will use the capital to buy land and develop energy infrastructure, such as generators and transmission lines as well as grid-interconnection and battery systems that facilitate the supply of renewable electricity to data centers. Private-equity firms Sandbrook and NGP each committed $150 million to the new business, said Alfredo Marti, a partner and co-founder of Sandbrook, which is based in Stamford, Conn.