Camcor closes C$350m energy fund

The Calgary-based firm, which focuses on upstream exploration and production opportunities in Canada, has sought to diversify its investor base by raising a vehicle nearly twice the size of its predecessor.

Energy investor Camcor Partners has reached a final close on its latest vehicle, Camcor Energy Fund VII, at its hard-cap of C$350 million (€266 million, $343 million). 

Camcor started marketing the fund in October 2012, using Greenwich-based Champlain Advisors as its exclusive placement agent. The fund, which held a second closing last November, will target early stage upstream exploration and production investments in Canada.

The vehicle is nearly twice the size of its predecessor, which closed in 2007 on C$200 million. The firm felt that a bigger fund was needed to widen its LP base, as well as cover for the additional costs associated with new exploration and production technologies, Terry Crikelair, managing partner at Champlain, said in a statement. 

“This size increase was necessitated by the higher well completion cost associated with the application of multi-stage fracturing of horizontal wells which are the economic drivers behind current industry activity,” he said.

Participating LPs in the fund include public pensions, endowments, insurance companies, fund of funds and family offices. One of the lead investors was OPTrust, which manages $13.7 billion on behalf of the Ontario Public Service Employees Union pension plan. Previous investors in Camcor’s funds have also included J. Paul Getty Trust, Kayne Anderson Capital Advisors and the University of Michigan, according to Private Equity International’s Research and Analytics division.  

Headquartered in Calgary, Camcor was founded in 1997 by Cameron McVeigh, who formerly held senior positions at chartered accountancy firms. Its investment team counts nine professionals, comprising both engineering and financial executives. 

The firm has raised $1 billion of capital since inception.