Annapolis Capital has collected about $98 million for its Annapolis Investment Fund VII, according to documents filed with the US Securities and Exchange Commission.
Fund VII launched earlier this year and is targeting $275 million. The capital raised to date includes about $36 million from non-US investors in a parallel vehicle.
Calgary-based Annapolis invests in start-up and early-stage oil and gas exploration and production companies in Canada.
The firm was unavailable to comment at press time.
Annapolis targets companies that can produce 2.5x to 3x return multiples during a three to seven year investment period, according to its website.
The firm is currently investing its Annapolis Energy Fund VI, which closed on C$150 million in 2012. Fund V closed on C$78 million in 2008.
Annapolis invests between C$5 million ($4.7 million; €3.4 million) and C$30 million per deal. The firm has made a total of 38 investments, including five public companies, since its founding in January 2006.
Annapolis is led by co-founders and managing partners Peter Williams and Jody Forsyth.