Denham Capital Management has closed Denham Commodity Partners V at its $2bn (€1.27bn) hard cap, exceeding its $1.75bn target.

Over 90 per cent of Denham's existing investors participated. Limited partners primarily consisted of endowments, foundations and wealthy individuals.

Denham invests in power and carbon, natural resources and energy infrastructure. It backs companies at all stages from development projects to mature operating businesses.

“There has been tremendous demand for Denham's investment model from our existing limited partners and we are extremely grateful for their continued support as well as the interest we received from new limited partners,” said Stuart Porter, chairman and chief executive of Denham Capital.

“We are excited about the prospects that Fund V presents for Denham and its limited partners, including allowing us to fully utilise our growing international capabilities to capitalise on opportunities in the dynamic global energy and commodities sector.”

Denham announced the opening of an office in London last year.