HitecVision seals target-busting seventh fundraise in just two months

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oil-ship_lrgOil and gas focused investment firm HitecVision has taken just two months to beat its target for its seventh fund after holding a $1.9bn final close for the vehicle.

AltAssets reported in Febuary that the firm had launched HitecVision VII targeting $1.5bn following a series of successful exits.

The fundraise brings HitecVision’s institutional capital under management to $5bn, which it will use to focus on entrepreneurial businesses in the oil and gas industry.

LPs committed to the latest vehicle include Adams Street Partners, Partners Group and HarbourVest, as well as Goldman Sachs Asset Management and the New Jersey Common Pension Fund.

HitecVision and its associated entities also committed $100m to the fund.

The firm closed its previous fund on $1.5bn in November 2011, exceeding its initial $1.25bn target.

LPs that backed the firm’s sixth fund included Adams Street, Argentum, ATP Private Equity Partners, the Canadian Pension Plan Investment Board, DNB, Goldman Sachs, HarbourVest, The Hillman Company, Indigo, KEVA, KLP, Partners Group and Storebrand.

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