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Lime Rock ready to strike $750m hard cap in third fundraise

10 Sep 2013

lime rockOil and gas-focused private equity Lime Rock Resources is reportedly nearing the $750m hard cap for its third fund, almost doubling the capital raised for its previous vehicle.

Dow Jones first reported the news, citing people familiar with the firm.

Lime Rock closed its first fund on $456m in 2005, the year it was launched by ex-Goldman Sachs managing director Eric Mullins and former Houston Exploration Company senior exec Charles Adcock.

The firm followed up that fundraise four years later by gathering $410m for a second vehicle targeting lower-risk oil and gas properties in the US.

A total of 35 LPs backed that fund, more than two-thirds of which were investors in the debut fund.

Lime Rock has been quiet in 2013 so far, with its last revealed investment the fourth in a series in the Permian Basin in December last year.

They represented a total outlay of $266m and continued Lime Rock’s interest in the basin, in which it has made almost 50 per cent of its overall acquisitions.

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