Double Eagle has been one of the largest independent acquirers of oil and gas leaseholds across Texas and the mid-continent, leasing more than a million acres over the past few years.
Apollo global head of natural resources Greg Beard said, “We continue to be impressed with Double Eagle’s ability to accumulate and manage non-operated working interest at attractive rates of return, by leveraging a unique strategy and understanding of the industry.”
Geoffrey Strong, a partner at Apollo, added, “Double Eagle’s strategy of identifying and pursuing development opportunities has proven to be highly differentiated and effective in establishing positions in the core of top tier resource plays.”
Apollo kicked off 2014 by closing its latest flagship fund on $17.5bn, making it the biggest vehicle raised since the financial crisis.
Like its predecessors Fund VIII will focus on distressed investments, corporate carve-outs and opportunistic buyouts.
Apollo’s previous flagship fund, which was closed on $14.7bn in 2008, has generated an annual gross IRR of 38 per cent.
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