Quantum Energy Partners has held a first close on $1.17 billion for its sixth fund, which is targeting $2.5 billion, according to a person with knowledge of the fundraising.
Quantum Energy Partners VI LP has a hard cap of $3.25 billion, the person said. Quantum officially launched in May, according to the person, as well as a limited partner who has heard the fundraising pitch.
Michael Dalton, a managing director at Quantum, could not be reached for comment. Park Hill Group is working as placement agent on the fundraising.
Quantum closed its fifth fund on $2.5 billion in 2009. That fund was generating a 19.75 percent internal rate of return and a 1.35x multiple as of Dec. 31, 2013, according to information from the Texas County & District Retirement System.
The firm closed its fourth fund on $1.32 billion in 2007, according to a press release at the time. Fund IV was producing a 14.22 percent IRR and a 1.47x multiple as of Dec. 31, 2013, according to Texas County & District Retirement System.
S. Wil VanLoh Jr. leads Houston-headquartered Quantum as president and chief executive officer. The firm targets investments ranging from $200 million to $2 billion in enterprise value per deal, according to the website. It primarily targets oil and gas upstream, midstream, oil field service and power generation sectors, the website said.
In April, Quantum joined an investment consortium that injected up to $300 million in Oryx Midstream Services to pursue midstream opportunities in the Permian Basin. Other investors in the deal included Post Oak Energy, Wells Fargo Energy Capital, Oryx management and other private equity investors, according to a statement from Quantum.
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