Hastings Equity Partners closes $172 mln for third fund


Hastings Equity Partners has raised $172 million for its third fund that will invest in the oil and energy sector.

The fund’s LPs include “one of the largest foundations in the U.S.,” a university endowment, a fund-of-funds and several family offices, the firm said in a statement.

Since the fund’s first close in November 2013, it has already made a number of investments. They include Extreme Plastics Plus, a provider of environmental solutions for fluid and waste containment, WadeCo Specialties, an oilfield production chemical company and Southern Petroleum Laboratories and Deerborne Energy Company, a provider of services that measure the volume and composition of hydrocarbon products.

“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,” said Ted Patton, the firm’s managing director, in a statement.

Forbes Private Capital Group worked as placement agent on the fundraising.

Photo courtesy of Shutterstock.

Fundraising? Don’t miss our 29th annual PartnerConnect East conference in Boston on March 21-23. This event is packed with more than 200 LPs and 300 fund managers. Click HERE

Sign up to our Newsletter

Receive updates from our PE HUB Wire and Top Stories of the Week newsletters:

We will not send you spam, and we don't share your email address with 3rd parties.