EnerVest Management Partners Ltd. has closed the largest private equity fund in its 15-year history with equity commitments of $1.02 billion. EnerVest Energy Institutional Fund XI LP will be used to acquire upstream oil and gas properties and companies in North America.
Fund XI is composed of 75 institutional investors including several large prominent endowments, foundations, pension funds, fund of funds and insurance companies. The fund will give Fund XI total purchasing power of $1.4 billion, representing a 107% increase in purchasing power over Fund X, which was closed in July 2005.
“We have reached several milestones already this year, and the closing of this fund will enable us to continue our growth,” said CEO John B. Walker. “Throughout our 15 years, and through many cycles in our industry, we have maintained our disciplined and creative approach to acquisitions. That will not change with Fund XI.”
EnerVest acquires, develops and operates oil and gas fields on behalf of its institutional investors. Since January 2005, EnerVest has announced more than $2 billion in acquisitions and $467 million in divestitures. EnerVest is also the controlling general partner of EV Energy Partners LP (EVEP), a publicly traded oil and gas master limited partnership formed last year (see Daily GPI, Nov. 16, 2006). EVEP, whose primarily focus is in the Appalachian Basin and Louisiana, purchased some gas-weighted assets from Anadarko Petroleum Corp. in April (see Daily GPI, April 17).
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