The Public Employees Retirement Association of New Mexico has approved a $35 million commitment to Lime Rock Resources Fund III, according to notes from the pension system’s 27 June board meeting.
Lime Rock Resources, a division of Lime Rock Partners, is targeting $750 million for Fund III, according to a spokesperson from the Denver Employees Retirement Plan. The initial target was $600 million, the spokesperson said. Denver committed $15 million to the fund, which is expected to close this year, after having its third close on 1 July.
Lime Rock Partners declined to comment.
Lime Rock Resources’ previous resources fund launched in August 2008 and collected $410 million on a $600 million target in 2009.
Lime Rock Resources, which was formed in 2005, acquires and manages low-risk American oil and gas properties, according to its website. The firm’s three core regions are mid-continental US, the Permian Basin and the Texas Gulf Coast. Based in Houston, the resources division has more than $850 million of private capital under management.
Permian Basin oil rig
Five senior managers, including co-chief executive officers Eric Mullins and Charles Adcock, lead the resources team. Prior to founding Lime Rock Resources, Mullins was the managing director of investment banking at Goldman Sachs and Adcock worked with The Houston Exploration Company, according to Lime Rock Resources’ website.
PERA of New Mexico, which has about $13 billion in assets under management as of 30 June, has previously committed to Lime Rock Partners’ fifth and sixth flagship funds, but this is its first commitment to Lime Rock Resources. The system has $170 million allocated for private equity this year, an increase from the 2012’s $140 million allocation.