Kirkland & Ellis Advises on Greenbelt Capital’s $1B Fund Close

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Posted: 25th June 2025

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Kirkland & Ellis Advises on Greenbelt Capital’s $1B Fund Close.

Kirkland & Ellis has advised Greenbelt Capital Partners on the close of its inaugural fund, Greenbelt Capital Partners III L.P., at $1 billion, reaching the firm’s hard cap and exceeding its original $750 million target.

Greenbelt, based in Austin, Texas, is focused on backing middle-market companies that are pushing the energy and power industries into a new era, one that’s cleaner, more resilient, and increasingly electrified.

The fund drew strong backing from a wide mix of institutional investors, including pension plans, sovereign wealth funds, insurance firms, and foundations with global reach across North America, Europe, and the Asia-Pacific region.

The firm was founded in 2022 by longtime colleagues Chris Manning and Glenn Jacobson, who together have spent over 20 years investing in companies that sit at the crossroads of energy, infrastructure, and innovation.

Over the course of their careers, they’ve deployed more than $6 billion in equity, bringing deep experience and a strong network to the table.

“We're proud to have assembled a high-quality group of investors that share our long-term vision and commitment to building businesses that are both commercially excellent and critical to the future of energy and infrastructure."

"We are truly grateful for the strong support and confidence from our limited partners around the world.” said Chris Manning, CEO and Managing Partner of Greenbelt.

Glenn Jacobson, a Managing Partner, added: “Our team is at the front end of what we believe is a generational investment opportunity. We sit at the intersection of several defining megatrends - from grid modernization and power generation to digital infrastructure, industrial electrification and energy efficiency."

"We aim to help drive a carbon competitive and sustainable future by backing strong commercial leaders who are shaping the next era of innovation and economic growth."

With the close of Fund III, Greenbelt now oversees about $2.5 billion in assets. The team has already begun making investments and is actively evaluating new opportunities across its core focus areas.

Kirkland’s legal team on the transaction included investment funds attorneys Laura Stake, Matt Nadworny, and Devon Salge; tax partners Steve Butler and Dion Toledo; and corporate lawyer Shubi Arora.

Greenbelt Capital Partners is a private equity firm based in Austin, Texas, focused on middle-market investments in the evolving energy sector. Spun out from Trilantic North America’s energy team, the firm targets investments of $50–$150 million across growth equity, buyouts, and recapitalizations. With decades of experience, Greenbelt backs companies advancing the New Energy Economy, including solar, storage, EV infrastructure, and grid modernization.

Kirkland & Ellis is a leading global law firm known for its excellence in M&A, corporate law, litigation, intellectual property, and private equity. With offices in key financial centers worldwide, the firm advises clients across a broad range of industries. Recognized for its work on high-stakes transactions and disputes, Kirkland delivers innovative legal strategies backed by deep industry knowledge. Its focus on complex deals and cutting-edge solutions positions it as a trusted advisor in the global legal market.