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Energy investor HitecVision hits $1.5bn hard cap in under four months

30 Nov 2011

Oil and gas-focused private equity firm HitecVision has completed fundraising for its HitecVision VI fund, reaching its hard cap of $1.5bn, and exceeding the $1.25bn target.

The fund saw strong support from existing investors and significant interest from new international investors, hitting the hard cap was reached in less than four months of fundraising, according to Ole Ertvaag, CEO and founding partner of the firm.

Among the fund’s investors are Adams Street Partners, Argentum, ATP Private Equity Partners, Canadian Pension Plan Investment Board, DNB, Goldman Sachs, HarbourVest, The Hillman Company, Indigo, KEVA, KLP, Partners Group and Storebrand.

In addition to the commitments from institutional investors, the HitecVision team and associated entities have committed $46m to the fund.

The fund will continue the firm’s strategy for control buy-out and growth capital investments in the oil and gas industry. With the closing of HitecVision VI, the firm now manages four private equity funds with a total committed capital base of $3bn.

“We are extremely pleased with the strong support we have received from our long-standing investor base and to welcome this high calibre group of new investors to the fund. The fact that we have been able to achieve this in such a short space of time, allowing our investment team to conduct business as usual, has been very gratifying,” said Ertvaag.

He said the fund is expected to make ten to twelve platform investments in Europe and North America within the next five years, with equity investments ranging from $50m to $200m.

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