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Kerogen Capital holds final close for energy fund

by Andrea Waitrovich

Hong Kong–based Kerogen Capital has closed Kerogen Energy Fund II ,together with its parallel funds and related co-investment funds, with total capital commitments of $830 million. This brings Kerogen’s funds under management to more than $2 billion since inception.

The fund will focus on the international energy segment outside of North America, primarily providing growth capital to established upstream oil and gas companies.

To date, the Fund has made two investments, Zennor Petroleum, a platform company focused on the U.K. North Sea, and Hurricane Energy, a U.K.-based company specializing in fractured basement reservoirs. Since the fund’s investment, both companies are actively drilling appraisal and development wells. Zennor has made significant progress in its portfolio build-out by acquiring select assets from a distressed seller, First Oil, adding material production volumes and reserves at an attractive valuation.

Kerogen Energy Fund closed with $1 billion in 2012. The fund provided growth and development capital to junior upstream oil and gas companies focused on international emerging oil and gas basins and unconventional assets.

Kerogen Capital is a private equity fund manager specializing in international energy.

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