Pelican Energy Partners Successfully Closes $450 Million Nuclear Fund

Pelican Energy Partners, a Houston-based private equity firm, has announced the final closing of its inaugural nuclear energy services fund, Pelican Energy Partners Base Zero LP. The fund closed at $450 million, surpassing its initial target of $300 million and hard cap of $400 million. This milestone represents Pelican's first fund focused on control buyout and growth investments within the nuclear energy services and equipment sector. The fundraising attracted contributions from both long-standing and new institutional limited partners, including endowments, foundations, family offices, and pension plans. The fund aims to capitalize on the growing need for nuclear services, a sector that plays a critical role in sustaining nuclear power as a key source of low-carbon energy. Nuclear energy is currently responsible for approximately 20% of the United States' electricity and about 50% of its carbon-free electricity, aligning with broader objectives of reliability and decarbonization. Base Zero has already completed six platform investments and anticipates further closings by year-end. Pelican's focus lies on lower middle market companies with unique offerings, and the firm has a significant track record of investment and value creation in the energy services industry. Key figures like Mike Scott and Jay Surina from Pelican emphasized the strategic importance of the fund, noting investor enthusiasm and the potential for substantial value creation.