HitecVision seeks $1.5bn for new fund

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ship boat oil tankerOil and gas focused investment firm HitecVision has reportedly launched its seventh fund on the back of a series of successful exits.

The Norway-based firm has sent out private placement memoranda to investors for HitecVision VII. The new fund is targeting $1.5bn with a hard cap of $1.8bn, said Dow Jones, citing people familiar with the matter.

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

LPs that backed the firm’s sixth fund include 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.

The firm makes  control buy-out and growth capital investments in the oil and gas industry.

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