Lime Rock Resources has closed its third fund on its $750 million hard-cap, according to a statement from the firm.
Fund III launched in September 2012 with an initial target of $600 million. More than half of the committed capital came from existing investors. All investors in the fund are US-based, a Lime Rock Resources spokesperson told Private Equity International.
The Public Employees Retirement Association of New Mexico committed $35 million to the fund and the Denver Employees Retirement Plan committed $15 million, PEI previously reported.
Monument Group acted as Lime Rock Resources’ placement agent.
Lime Rock Resources invests in low-risk oil and gas properties in three targeted regions—the Permian Basin, the Texas Gulf Coast and Mid-Continent. Fund III has not made any investments yet.
Lime Rock Resources Fund II closed on $410 million in November 2009, according to its website.
The Houston-based firm was founded in 2005 and has more than $850 million of private capital under management. Lime Rock Resources is led by five senior managers, including co-chief executive officers Eric Mullins, previously a managing director at Goldman Sachs, and Charles Adcock, who worked at The Houston Exploration Company.
The firm’s parallel investment team Lime Rock Partners makes growth capital investments in the global energy exploration and production industry. Lime Rock Partners has about $5 billion in private capital under management.