A private equity (PE)-backed oil and gas partnership formed last year has secured about $600 million in additional capital commitments to acquire and develop drilling opportunities in the Permian Basin.

EnCap Investments LP, Double Eagle Energy Holdings IV and Tumbleweed Royalty IV LLC on Sunday announced a “successful equity commitment upsize” to $2.3 billion, and the establishment of a reserve-based lending (RBL) facility.

Double Eagle IV and Tumbleweed IV were formed in mid-2022 with funding of more than $1.7 billion. Double Eagle IV invests in Permian oil and gas properties, while Tumbleweed IV targets royalty and mineral investments in the basin.

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