Natural resources has typically always been a niche private equity fund type, focused on by a handful of fund managers, usually based in the US and Canada. Seven natural resources funds closed in 2009, raising an aggregate $16.9 billion. The largest of these was First Reserve Fund XII, which raised $8.8 billion and closed in April 2009. It makes control equity investments in well-positioned global energy companies with enterprise values of up to $10 billion.
The second-largest natural resources fund to close in 2009, Riverstone/Carlyle Global Energy and Power Fund IV, closed on $6 billion in June 2009 and makes private equity investments on a global basis across the energy and power industry, with primary focus on the exploration and production, midstream, oilfield services and power sectors.
There are 15 natural resources funds currently raising capital, targeting aggregate capital commitments of $6.8 billion. Of these, the largest is the Riverstone/Carlyle Renewable and Alternative Energy Fund II, which is targeting a total of $1.2 billion and has held a first close. The fund has commitments from well-known LPs such as California Public Employees' Retirement System (CalPERS) and California State Teachers' Retirement System (CalSTRS).
For more information on fundraising across all the different types of private equity fund, please see how Funds in Market can assist you.