Houston-based Haddington Ventures LLC closed a new private equity fund with total committed capital of $182 million to be invested in the North American midstream sector. The new fund and its related vehicle are Haddington Energy Partners III, LP (Fund III).
Fund III focuses on natural gas gathering, separation, treating, processing, compression, storage and intrastate pipelines. Fund III is seeking equity investment opportunities developed by experienced management teams in the $20-50 million range with total enterprise value of $100-200 million. The fund will also consider initial investments as low as $2-5 million, depending upon growth potential and follow-on investment opportunities.
Haddington Ventures said that it and its Fund III are distinguished from other private equity funds by operating expertise and the ability to build or buy facilities. Fund III will develop midstream assets and assume substantial construction risk as needed and will acquire assets or companies with strong upside potential. In addition, Fund III will target smaller, underutilized assets needing operating improvements with the goal of making incremental investments to expand or improve the facilities to realize their full value.
Haddington has raised more than $320 million of capital since its formation in 1998. The Bobcat Gas Storage facility is sponsored in part by a Haddington subsidiary (see Daily GPI, May 4). Among Haddington investors are large insurance companies, public and private pension groups, commercial banks and high net worth individuals. For more information, call J. Chris Jones or John A. Strom (713) 532-7992, or visit https://www.hvllc.com.
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