Norwegian oil and gas investor HitecVision has completed its most recent fundraising reaching a hard cap of US$1.5 billion in less than four months. The fund had strong support from existing investors and significant interest from new international investors.
HitecVision, a leading private equity investor focused on the oil and gas industry, is pleased to announce that it has received commitments of USD 1.5 billion for its new fund HitecVision VI L.P. (“the Fund”), exceeding the USD 1.25 billion target. The strong interest from existing and new investors attests to HitecVision’s value creation model in the oil and gas industry.
The Fund has attracted strong support from existing blue chip investors and a select group of new high quality investors, resulting in a well diversified investor base comprising European and North American pension funds, financial institutions, university endowments, family offices and charitable foundations. Among the Fund’s investors are: Adams Street Partners, Argentum, ATP Private Equity Partners, Canadian Pension Plan Investment Board, DNB, Goldman Sachs, HarbourVest, The Hillman Company, Indigo, KEVA, KLP, Partners Group and Storebrand. In addition to the commitments from institutional investors, the HitecVision team and associated entities have committed USD 46 million to the Fund.
The Fund will continue the successful strategy for control buyout and growth capital investments in the oil and gas industry that HitecVision’s team has implemented throughout the firm’s history, combining extensive operational experience from the petroleum sector with strong transactional and financial competence. With the new Fund HitecVision manages four private equity funds with a total committed capital base of USD 3 billion.
“We are extremely pleased with the strong support we have received from our long-standing investor base and to welcome this high calibre group of new investors to the Fund. The fact that we have been able to achieve this in such a short space of time, allowing our investment team to conduct business as usual, has been very gratifying.” says Ole Ertvaag, CEO and Founding Partner of HitecVision
The Fund is expected to make ten to twelve platform investments in Europe and North America within the next five years, with equity investments ranging from USD 50 to 200 million. HitecVision targets high-growth companies with revenues between USD 50 and 300 million, and will partner alongside management teams who are motivated to aggressively grow their oil service, oilfield technology or exploration & production businesses, both organically and through acquisitions.
Credit Suisse Private Funds Group acted as global placing agent and Bugge, Arentz-Hansen & Rasmussen (BA-HR) was legal counsel to the Fund.