HitecVision reaches hard cap in two months

HitecVision has completed fundraising for HitecVision VII and reached its hard cap of $1.9 billion, exceeding its $1.5 billion target. The firm is a European private equity investor focused on the oil and gas industry.


HitecVision completes fundraising for HitecVision VII and reached the hard cap of USD
1.9 billion, exceeding the USD 1.5 billion target. With strong support from existing
investors and three new investors the hard cap was reached in two months following the
launch in February 2014.
HitecVision, the leading European private equity investor focused on the oil and gas industry, is
pleased to announce that it has received commitments of USD 1.9 billion for its new fund HitecVision
VII L.P., exceeding the USD 1.5 billion target. The strong interest from existing and new investors
attests to HitecVision’s value creation model in the oil and gas industry. With the new Fund
HitecVision now manages USD 5 billion of institutional capital.
The Fund has attracted strong support from the existing blue chip investors and three new investors
that were invited into the Fund, resulting in a well diversified investor base comprising pension funds,
financial institutions, sovereign wealth funds, university endowments, family offices and charitable
foundations. Among the Fund’s investors are: Adams Street Partners, Argentum, ATP PEP,
Commonfund Capital, DNB, Goldman Sachs Asset Management, HarbourVest, The Hillman
Company, KEVA, KLP, LGT Capital Partners, New Jersey Common Pension Fund, Nordea, Partners
Group and Storebrand. In addition to the commitments from institutional investors, HitecVision and
associate entities have committed USD 100 million to the Fund.
The Fund will continue to build on HitecVision’s successful serial entrepreneurial model in the oil and
gas industry, implemented by the team throughout the firm’s history, combining extensive operational
experience from the petroleum sector with strong transactional and financial competence.
“We are very pleased with the strong support we have received from our long-standing investor base
and to welcome the new investors to the Fund. The fact that we have been able to achieve this in such
a short period, 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 twelve to sixteen platform investments in Europe and North America
within the next five years, with equity investments ranging from USD 50 to 300 million. HitecVision
typically partners with entrepreneurial management teams and/or industrial owners who want to
establish new, or grow their existing, companies within oil service, oilfield technologies or exploration
& production.
Credit Suisse Private Fund Group acted as placing agent and BA-HR was legal counsel to the Fund.
Contact: Arne Trondsen, Sr. Partner: + 47 22 01 40 22
More information can be found on www.hitecvision.com
About HitecVision
HitecVision is a leading investor in the international oil and gas industry, providing capital and
competence to growth companies in Europe and North America. The firm’s background from the
industry enables it to create value by partnering with entrepreneurial managers to build substantial and
sustainable companies. HitecVision is a serial entrepreneur having acquired, invested in or established
more than 150 companies (including add-ons) and exited over 100 since 1994. HitecVision is
headquartered in Stavanger, Norway and has offices in Oslo and Houston.
HitecVision’s current portfolio companies have total revenues of about NOK 20 billion and employ
approximately 7000 people. Among the companies in the portfolio are: Apply, Agility Group, Reef
Subsea, Ocean Installer, Atlantica Tender Drilling, Axon Energy Products, Aarbakke Group, Spike
Exploration, Core Energy, Ross Offshore and DeepWell.