Oslo-headquartered oil and gas specialist HitecVision has raised its sixth fund in record time, reaching its $1.5 billion hard-cap in less than four months.
HitecVision VI comfortably achieved its target of $1.25 billion and went on to meet its hard-cap, the firm said in a statement. Credit Suisse acted as placement agent for the fundraising.
The fund is almost double the size of its predecessor, HitecVision Private Equity V, which garnered $816 million in commitments in 2007. HitecVision’s effort comes at a time when many firms are raising smaller funds than their previous vehicles due to a difficult fundraising environment.
Investors in the fund included Adams Street Partners, Argentum, ATP Private Equity Partners, Canadian Pension Plan Investment Board, DNB, Goldman Sachs, HarbourVest, The Hillman Company Indigo, KEVA, KLP, Partners Group and Storebrand, the firm said.
HitecVision’s own team has committed $46 million to the fund – 3 percent of its total, and more than the industry average of between 1 and 2 percent. This was in keeping with previous HitecVision funds, according to a spokesman. Fund terms were not disclosed, but are understood to again be similar to those attached to previous vehicles.
The fund will follow the same mandate as its predecessors, investing in buyouts and growth capital investments in the oil and gas industry.