U.S. private equity firm Arclight Capital Partners LLC, which invests the retirement savings of Maine teachers, NFL football players and Mayo Clinic doctors, lost hundreds of millions of dollars betting on a troubled Caribbean oil refinery, according to sources and documents reviewed by Reuters.
Boston-based Arclight’s Energy Partners Fund VI, which held a majority stake in the Limetree Bay refinery on St. Croix in the U.S. Virgin Islands, shed more than a quarter of its value in the year ended March 31, according to financial disclosures by a limited partner in the fund.
Arclight added the refinery to its Energy Partners Fund VI portfolio after purchasing it out of bankruptcy in 2016 for $190 million, hoping to renovate and restart it, along with other investors. But the refinery, mothballed since 2012, never ran smoothly. Linda Woods, 69, a retired English teacher in Maine, said she never liked the idea of her retirement dollars funding investments in fossil fuels.
Top commitments included $200 million from the State Teachers Retirement System of Ohio; $150 million from the Maine Public Employee Retirement System and $100 million from the Lancashire County Pension Fund in England. Heavy losses hit the fund last year when the Limetree refinery encountered operational problems. Other assets were also hit by slumping energy demand from the pandemic.
The Lancashire fund, meanwhile, said investments in a fossil fuel-focused fund might not pass muster today: "Our investment strategy has evolved since this investment was made, and it would be less likely to meet our current criteria for responsible investment practices.”
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