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Megafund nears final close

by Reg Clodfelter

NGP Energy Capital Management has raised $5 billion for NGP Natural Resources XI and is now very close to reaching the fund’s $5.3 billion hard cap, according to a filing with the SEC.

The fund, which invests in oil and gas production, midstream, and oilfield services companies, will give capital management teams to purchase existing oil and gas assets, reduce cost structures and increase volumes in order to create value. The fund will generally invest in North America, though global opportunities will be considered as they arise. The fund will make six to 10 investments per year at an investment size of $50 million to $250 million, and is expected to make 20 to 30 investments in total. NGP has co-invested $325 million into the fund.

The fund, which launched over the summer of 2013, has raised $4 billion during the past six months. Institutional investors in the fund include Pennsylvania’s Public School Employees’ Retirement System, which committed $150 million in June 2014, and the Teachers’ Retirement System of Louisiana, which committed $50 million in November 2014.

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