A local private equity firm announced its latest round of funding that it plans on deploying into the energy transition infrastructure space.

Five Point Energy closed its oversubscribed Five Point Energy Fund IV at $1.4 billion in cumulative capital commitments. The new fund continues the firm's strategy of deploying capital into "an undercapitalized market and attractive long-term value generation," per a news release.

The firm is led by David Capobianco, CEO and managing partner, and Matthew Morrow, COO and managing partner.

"The closing of Fund IV is an endorsement of our team's demonstrated strategy of establishing and operating best-in-class sustainable infrastructure platforms, including the highly successful initial public offering of LandBridge," Capobianco says in the release.

Since its founding in 2012, Five Point has worked in midstream water management systems and addressed the produced water needs of our blue-chip clients, Capobianco says, adding that "the demand for energy, land and water resources is accelerating by the day, across all industries – we sit at the intersection of these macro and infrastructure trends."

To date, Five Point has raised around $4 billion across four funds. The fourth fund's limited partners were not disclosed.