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Lime Rock raises new fund to take on 2012-vintage flagship vehicle assets, Goldman Sachs is lead investor

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Energy-focused private equity house Lime Rock Partners has closed a $203m fund to pick up the remaining assets from its 2012-vintage fund.

Lime Rock hit an $825m final close for Lime Rock Partners VI eight years ago to target high-growth, differentiated oil and gas businesses in the E&P and oilfield services sector.

Goldman Sachs Asset Management was lead investor for the newly-raised Lime Rock Partners VI AF.

Interests in CrownRock Minerals vehicles, two entities acquiring mineral and royalty interests in the Permian Basin, represented the vast majority of the assets in the acquisition fund.

Inclusive of co-investment vehicles Lime Rock Partners has invested nearly $1.1bn in minerals and royalties since 2015.

Lime Rock closed its first acquisition fund, the $1.9bn Lime Rock Partners IV AF, in 2018.

Fund IV AF mainly consists of interests in CrownRock, which is still majority owned by that fund.

John Reynolds, co-founder and managing director of Lime Rock Partners, said, “We are thankful to the new acquisition fund investors and rolling investors for their attention and enthusiasm for the options presented to them.

“With this, our second GP-led secondary, we continue to believe that there are good, market solutions to respond to some investors’ preferences for liquidity while allowing others to hold investments beyond a normal fund life.”

Lime Rock closed its most recent flagship vehicle, Fund VIII, on $688m in 2018, having initially hoped to collect up to $1bn for the fund.

Last year the firm’s renewable energy affiliate confirmed it was out eyeing up to $600m for its debut fundraise.

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