Panda Power Funds was formed in 2010 by the former senior management team and energy professionals of Panda Energy International, an independent power development and management company originally founded in 1982. While at Panda Energy, the executive team financed, developed, built and operated 9,000 MW of generating capacity, at an approximate cost of US $6 billion, including the two largest natural gas-fueled power plants ever built in the United States. Panda Power Funds closed its initial private equity fund with $420 million of commitments in 2011. In addition to evaluating third-party opportunities and management teams, Panda Power Funds has the ability to internally source proprietary, large-scale power generation development and other investment opportunities.