Natural Resources

For the energy private equity firm, which has a direct investment model, traction on the fundraising trail may owe to performance.

The Pittsburgh-based firm beat its initial target by nearly half.

Uncertainty and volatility caused by geopolitical conflict in the Middle East today present both opportunities and challenges to oil and gas dealmaking. In this environment, Kimmeridge has been active.

Founded in 1988, EnCap was one of the first oil and gas private equity firms to invest in the transition to lower-carbon energy sources.

The Oslo-based firm is expanding its North American LP base as investors there increasingly look to Europe for outsized returns.

The lower mid-market buyout firm entered the fundraising market with a target of $350m but closed Guardian Capital Partners Fund IV at $441m.

Launched in April, Sandbrook Climate Infrastructure Fund II held a first close three and a half months later, raising $1.1bn – or more than half of the target – sources told Buyouts.

An LP has received a re-investment option and a liquidity option, with the latter offered at a discount to current valuation.

The deal is one of the rarer energy assets to make use of secondaries as a way to extend holds and deliver liquidity to limited partners in an older fund.