Lime Rock Fund IV closes at $754 mln

Lime Rock said May 25 that its fourth fund closed with $754 million in commitments. Lime Rock Resources IV will seek to acquire, improve, and directly operate producing oil and gas properties in the United States. The prior Lime Rock Resources fund collected $750 million in 2013. Morgan, Lewis & Bockius LLP served as fund counsel.

PRESS RELEASE

HOUSTON, May 25, 2016 /PRNewswire/ — Lime Rock, a private equity firm focusing on the global energy sector, today announces the closing of its fourth Lime Rock Resources fund, Lime Rock Resources IV, with$754 million in aggregate capital commitments. As with the three previous Lime Rock Resources funds, the Houston-based Lime Rock Resources team will seek to acquire, improve, and directly operate producing oil and gas properties in the United States.
The Lime Rock Resources team launched the fundraising process for Fund IV in November 2015, held its first close in February 2016, and its final close in May 2016. The previous Lime Rock Resources fund, Lime Rock Resources III, held its final close in October 2013 on $750 million in investor capital commitments. Since inception in 2005, the Lime Rock Resources funds have made 23 major acquisitions in basins throughout the United States, primarily in Texas, Oklahoma, New Mexico, and North Dakota.
Eric Mullins, co-Chief Executive Officer of the Lime Rock Resources team, said, “We are exceptionally grateful for the support of both our longstanding investors and new limited partners in their commitments to Fund IV. We believe that meeting our target in a fundraise that lasted less than sixth months reflects the performance of the three prior Lime Rock Resources funds and the opportunity set today. We hope that the dislocation in the oil and gas property market following the commodity price volatility of the last two years provides us opportunities to continue to acquire attractively priced properties.”
Charlie Adcock, co-Chief Executive Officer of the Lime Rock Resource team, added, “For 11 years, we have sought to consistently apply our strategy to patiently acquire producing properties, focus on techniques to increase margins, and generate returns for our investors. We have been fortunate throughout those 11 years in having supportive investors that have provided us with over $2.3 billion in capital commitments. We look forward to working hard to reward the trust of our investors in our new fund and the previous ones.”
Morgan, Lewis & Bockius LLP served as fund counsel, working closely with the Lime Rock Resources team to structure the fund and close each of the investor commitments.
About Lime Rock Resources
The Lime Rock Resources team acquires, operates, and improves producing oil and gas properties in the United States. Based in Houston, the Lime Rock Resources team is acquiring a diverse group of proved oil and gas properties to provide its investors with attractive long-term returns. Established in 1998, Lime Rock Management has raised $6.6 billion in private equity funds for investment in the energy industry through Lime Rock Resources and Lime Rock Partners, investors of growth capital in E&P and oilfield services companies worldwide. For more information, please visit www.limerockresources.com.
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