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.
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