Carlyle-backed energy-focused investment firm NGP Energy Capital Management has launched its eleventh fund.
NGP is targeting $4.5bn for the new vehicle, said PeHUB, citing an LP who has heard the firm’s pitch.
Fund XI follows NGP’s tenth vehicle, which was closed with commitments of $3.58bn 2012.
That fund was generating a cash multiple of 1.17 times as at the end of September, according to data from the Oregon Public Employees Retirement Fund.
Carlyle owns a 47.5 per cent stake in NGP.
Last month it was reported that NGP was in advanced talks to buy a Wyoming natural gas field from Encana Corporationfor about $2bn.
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