Carnelian Energy Capital raises $775m

The Houston-based private equity firm has held a final closing of its third energy fund.

Carnelian Energy Capital has closed its third fund, Carnelian Energy Capital III, at a $775 million hard-cap. The fund surpasses its predecessor, Carnelian Energy Capital II, which closed in June 2017 at $600 million as well as its debut fund, Carnelian Energy Capital, which closed in December 2015 at $400 million. All three vehicles were successful in raising their target amounts.

The firm will use committed capital to invest in lower middle-market energy, oil and gas companies throughout North America. Carnelian currently manages $1.8 billion in assets.