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OFS Energy more than doubles AUM with ‘one and done’ Fund III close

8 May 2014

lightbulb_lrgLower mid-market focused energy investor OFS Energy Fund has brought its assets under management to $265m following a one-and-done final close for its third private equity vehicle.

OFS Energy Fund III hit its $175m hard cap after becoming oversubscribed, the Houston-based firm revealed.

That close means the latest vehicle is larger than the firm’s first two funds combined, with OFS collecting $47m for its debut in 2008 and $90m for a follow-up fund.

Fund II is 80 per cent deployed and has six remaining platform companies, OFS said, adding that it had already exited two companies for approximately a four-times cash-on-cash return.

OFS managing partner Bruce Ross said, “We are very honored to have the opportunity to continue to work with sophisticated private and public institutional investors as well as our core of energy industry executives who have invested across Fund I to Fund III.

“We are also pleased to have our portfolio company CEOs from Fund I continue to invest in Fund II and Fund III reflecting their belief in our ability to find good company investments and add value as we work with our management teams to rapidly grow the underlying business.”

OFS looks to buy and grow lower mid-market energy service companies with enterprise values between $5m and $150m.

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