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Natural Resources Private Equity Fundraising – November 2012

by Stuart Hunter

  • 03 Dec 2012
  • PE

Preqin currently tracks 36 natural resources private equity funds in market, collectively targeting an aggregate $39.2bn in capital commitments. Of these funds currently raising, eight have held at least one interim close, collecting $5.5bn in capital commitments to date.

Breaking down these natural resources private equity funds in market by geographic focus, 56% predominantly target investment opportunities in North America, 11% focus on opportunities within Europe, 8% primarily focus on investments in Asia and the remaining 25% invest in regions across Rest of World.

The average target size of these 36 funds in market is $1.1bn, with the two largest natural resources funds, First Reserve Fund XIII and Riverstone Global Energy and Power Fund V, both seeking $6bn.  First Reserve Fund XIII is managed by First Reserve Corporation and specifically focuses on the energy, mining, oil and gas, power and renewable energy industries. Riverstone Global Energy and Power Fund V, managed by Riverstone Holdings, targets the energy, oil and gas, and power industries and is the first fund from Riverstone Holdings to be raised without the assistance of its joint venture partner Carlyle. The third largest natural resources fund in market, EnCap Energy Capital Fund IX, is targeting $4.25bn in capital commitments and mainly focuses on investments in the oil and gas industry within North America.  

So far in 2012, 15 natural resources funds have reached a final close, collectively raising $16.4bn in capital commitments. The average final close size of these 15 funds is $1.1bn, with the largest fund to close so far, Natural Gas Partners X, collecting a total of $3.586bn in capital commitments. Gas Partners X fund primarily invests in opportunities located in North America; however, it does consider opportunistic investments globally.

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