Houston-based private equity firm Lime Rock Partners is powering ahead with its latest fundraise in the hope of reaching up to $1bn, AltAssets can reveal.
The firm has registered $337m towards Fund VIII to date thanks to 33 investors, already putting it about halfway to the $750m it gathered for Fund VII.
The strategy the vehicle will adopt has not been confirmed, but it is expected to continue the firm’s tried-and-tested strategy of investing between $50m and $150m in niche specialist companies across the oil and gas upstream industry on a global basis.
The fundraise comes just a year after the firm raised $754m for Lime Rock Resources IV.
Lime Rock first raised a fund in 2002, and pulled in $320m. Three years later, the firm closed Lime Rock Resources after collecting $450m. Its third vehicle, Lime Rock Resources III, closed on $750m in 2013.
The buyout firm currently boasts a portfolio of 23 businesses all in the gas and oil industry.
Most recently, the firm took part in a private equity funding round which backed Reveal Energy Services with an undisclosed amount.
Before that, it led an investment round in Capstone II, which saw it raise $100m in funding.
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