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Warburg Pincus closes $4 bln for energy fund

Warburg Pincus has raised $4 billion for its energy fund, sweeping past its $3 billion target.

Launched in November 2013, Warburg Pincus Energy will serve as a companion fund to Warburg Pincus Private Equity XI, the firm’s latest private equity fund that closed on $11.2 billion last May.

The LPs for Warburg Pincus Energy include public and private pension funds, sovereign wealth funds, insurance companies, endowments, foundations and wealthy individuals.

The fund will invest mostly in energy exploration and production in North America and across the globe. It will also focus on global investments in midstream, oilfield services, mining and power industries.

The firm’s energy investments include Antero Resources, Targa Resources, Kosmos Energy, Laredo Petroleum, MEG Energy and Venari Resources.

Warburg Pincus Private Equity IX generated a net IRR of 11.01 percent and an average net multiple of 1.82x as of June 30, 2014, according to Bison data.

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