UK’s Adamant Ventures eyes £80m for debut oil and gas exploration buyout fund


offshore oil gas_sqOil and gas-focused UK private equity firm Adamant Ventures reportedly plans to collect £80m for its debut private equity fund by April 2014.

Founding partner Antony Sommerfield told Reuters the firm was targeting a £50m first close by February, before beginning to invest in early-stage on-shore oil and gas exploration deals.

Reuters said the firm’s board includes former Royal Dutch Shell executive Mark Carne and ex-British Private Equity and Venture Capital Association CEO Simon Walker.

Sommerfield told the news agency, “We’ve observed that the market doesn’t value early stage exploration potential but does value management teams who can execute.

“We seek to position ourselves as the go-to investors in oil and gas exploration.”

Earlier this week AltAssets revealed that Canadian energy-focused private equity firm Annapolis Capital had raised nearly $100m for its latest fund targeting early-stage oil and gas exploration and production.

Copyright © 2013 AltAssets

Get the latest PE News & Research delivered to your inbox every morning