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'Green' private equity firm raising $400 million

October 2, 2012: 2:36 PM ET

Craton Equity Partners markets its second fund.

FORTUNE -- Craton Equity Partners, a private equity firm focused on companies that "improve the environment and quality of life," is back in the fundraising market.

The Beverly Hills, Calif.-based firm is seeking upwards of $400 million, according to a regulatory filing. This follows a 2006 debut fund that was capped just south of $200 million. Through the end of 2011, CalPERS reports that Craton's first fund featured an internal rate of return (IRR) of negative 7.3%.

Existing portfolio companies include Arxx, a maker of insulating concrete forms; Enlink Geoenergy Services, an installer of earth heat exchangers; Liquid Environmental Services, a non-hazardous liquid waste collection and treatment company; and Gazelle, a "recommerce" company focused on used consumer electronics.

Fortune has left a message with Craton, and will update this post if we hear back. In general, private equity firms are prohibited from discussing fundraising efforts.

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Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

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