Lower mid-market-focused Hastings Equity Partners has closed its third fund on $172m.
The US firm said it pulled in commitments from a university endowment, a fund-of-funds, family offices and “one of the largest foundations in the US”.
New blue chip institutional investors laid down nearly 50 per cent of the total capital raised for Equity Fund III.
Hastings said it will be to continue its approach with its business partners which have previously retained, on average, a 33 per cent stake in their company.
Hastings managing director Ted Patton said, “There are a lot of service companies in the oilfield right now that are looking for help in managing and financing their growth.
“They have no interest in selling out but are interested in finding a partner who understands the problems they face and can provide creative solutions.”
Hastings has already completed five investments in Fund III since its first close in November 2013. These include Extreme Plastics Plus, oilfield product chemical company WadeCo Specialties and Southern Petroleum Laboratories.
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