Energy & Minerals set to hit $3.5bn hard cap for third fund


shaleEnergy-focused private equity firm Energy & Minerals Group (EMG) is reportedly nearing the hard cap for its third fund.

Energy & Minerals Group Fund III is expected to reach its $3.5bn cap in the second quarter, according to the Buyouts magazine, which cited a person familiar with the fund.

In January this year AltAssets reported that the fund had gathered $1.2bn for its third fund.

The new fund is set to be more than $1bn larger than EMG’s second vehicle, which was close with commitments of $2.2bn in 2012.

The firm invests between $150m and $400m in companies in the energy and minerals sector.

Last year EMG teamed up with NYSE-listed natural gas developer MarkWest Energy Partners to launch a development joint venture, which is focused on the development of midstream infrastructure on behalf of natural gas producers operating throughout the liquids-rich Utica Shale formation in Ohio.

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