EnerVest Management Partners has doubled the size of its previous private equity fund with the closing of its eleventh oil and gas fund on just over $1 billion (€739 million). Its previous fund closed in 2005 on $550 million.
EnerVest Energy Institutional Fund XI fund will be used to acquire upstream oil and gas properties and companies in North America.
The fund has 75 limited partners, including endowments, foundations, pension funds, fund of funds and insurance companies.
Certain investors will contribute “modest leverage”, giving the fund $1.4 billion-worth of purchasing power, according to the statement.
Founded in 1992, EnerVest acquires, develops and operates oil and gas fields – it operates nearly 12,000 wells in 11 US states. Since January 2005, the firm has announced more than $2 billion in acquisitions and $467 million in divestitures. It is also the controlling general partner of EV Energy Partners a publicly-traded oil and gas master limited partnership formed in September 2006.