Roundup: BCP fund close / 800 bikes / Lotte Chemical starts up

Later: Baton Rouge-based private equity firm Bernhard Capital Partners today announced that it has successfully closed on its second fund, raising $1.2 billion in less than a year and surpassing its $1 billion target by some 20%. “(With this second fund we) have almost doubled our assets under management and BCP has become a household name in the private equity space,” says co-owner Jeff Jenkins. The public announcement comes some six months after Business Report broke the news of the fund closing. Read the full annoucnement.

Bikeshare: As Gotcha Bikes prepares to launch its first fleet in Baton Rouge next month, the South Carolina-based company says it plans to install up to 800 bikes, WAFB-TV reports. The proposed locations for the first phase of the project will mostly serve downtown Baton Rouge as well as the LSU and Southern University campuses. In the second and third phases, which are required to be completed within two years after phase one, bikes will be installed in the Health District and Mid City. Read the full story.

All systems go: Lotte Chemical Louisiana announced that it has started production at its ethylene glycol (a plastics component) manufacturing facility in Calcasieu Parish. The plant is a significant portion of a $3.1 billion facility in Calcasieu Parish, which Lotte Chemical broke ground on in June 2016. When the facility is complete it will also include an ethane cracker plant, which will perform the first steps in the process of transforming natural gas into plastics. Together, the plants are expected to create more than 250 new direct jobs and over 2,000 indirect jobs over time, the company says.

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