Boston-based Old Ironsides Energy has closed its second fund on $1.3 billion, beating its target.
Like Fund I, the new vehicle will focus on acquiring and developing assets in the upstream and midstream sectors of the oil and gas industry, primarily in the United States and Canada.
The fund is already partially invested, having made three commitments to date, including two investments with repeat management teams. One of those investments – Brazos Midstream Holdings – was just announced last week.
Brazos is a newly formed midstream company headquartered in Fort Worth, Texas. The company focuses on crude gathering, gas gathering & processing, compression, treating, water & condensate handling and stabilization.
Brazos is led by Brad Iles, who was previously with EnLink Midstream Partners. Old Ironsides will be providing an equity investment to Brazos. Terms of the deal were not disclosed.
Other investments include Vermillion Cliffs Partners and Cirque Resources, according to the firm’s website.
Campbell Lutyens & Co. Ltd. acted as placement agent for the fund.