Canadian private equity firm Camcor Partners has closed its seventh energy fund on CAN$350m, which is about double the size of its previous vehicles.
The Camcor Energy Fund VII will target early stage upstream exploration and production businesses.
The LPs that have backed the fund include public pension funds, endowments, insurance companies, fund of funds and high net worth investors.
One of the lead ivnestors was the $13.7bn OPSEU Pension Trust, which manages assets for the government of Ontario.
Managing partner of placement agent Champlain Advisors Terry Crikelair said, “This size increase was necessitated by the higher well completion cost associated with the application of multi-stage fracturing of horizontal wells which are the economic drivers behind current industry activity.”
Calgary-headquartered Camcor has now raised $1bn of equity capital since its launch in 1997.
Back in November AltAssets reported that Camcor was back in the market and had already raised $20.5m from four investors.
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