Hedge fund and private equity firm The Carlyle Group is planning to raise $7 billion for energy funds in the next two years.
Bloomberg reported that Washington-based Carlyle wants to raise $4 billion for a North American energy fund and $1.5 billion each for an international energy and North American power funds.
That pool and the power fund will focus on mid-size companies.
Carlyle, which expanded its energy business in December when it purchased a stake in Texas-based energy investor NGP Energy Capital Management, added six new executives to its energy team in May.
Carlyle has about $157 billion in assets under management.