EIG tapped pension funds for McClendon loans

Well funded: pension funds contribute to EIG loans to Chesapeake

AP/Scanpix

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By News wires

 21 April 2012 00:29 GMT

An investment management firm that has loaned hundreds of millions of dollars to Chesapeake Energy chief executive Aubrey McClendon raised money for its most recent investment fund from 19 institutional investors, including some of the largest US public pension funds, according to a private equity research firm.

The list of state pensions that put money into the $4.1 billion EIG Global Energy Partners fund include ones from Alaska, Connecticut, Louisiana, Maryland, Minnesota, Missouri and Texas, according to research firm Preqin.

Other large investors in the EIG Energy Fund XV were insurance giant MetLife and a Teamsters pension plan.

EIG's fundraising prowess is drawing attention after Reuters reported about the loans that the private equity firm has made over the past three years to McClendon, one of the energy sector's most high-profile chief executives.

On Friday, after a Reuters report, Chesapeake amended its preliminary 2012 proxy to disclose in…

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