Lime Rock, a private equity firm that focuses on investments in the energy sector, has closed funding for its second fund, Lime Rock Resources II, with $410m in capital commitments. Similar to the firm’s first fund, Lime Rock Resources II looks to acquire, directly operate, and improve lower-risk oil and gas properties in the US.
Thirty-five investors participated in the funding, 68 per cent of which were investors in the predecessor fund, and the rest were newcomers. The fund launched in August 2008.
Charlie Adcock, co-CEO of the Lime Rock Resources team, said, “Both our investors and our team recognise the irony that the most difficult time to raise private equity capital is usually the most opportune time to deploy it. We are thankful to our investors for their extraordinary support over the last year. We now have significant equity capital to implement our strategy in an exciting time.”
Lime Rock’s first fund, closed in 2005, raised $456m and has so far completed eight major transactions, acquiring oil and gas properties in New Mexico, Texas and Oklahoma.
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