NGP raises $1.3b for natural resources fund

NGP Energy Capital Management has raised $1.3 billion for NGP Natural Resources XI, which launched in July 2013 with a $4.8 billion hard cap, according to a filing with the SEC.

The natural resources fund, which had raised $1.16 billion as of July, will invest in oil and gas production, midstream and oilfield services companies, providing capital to “owner managers” to purchase existing oil and gas assets, reduce cost structures and increase volumes in order to create value. Consistent with prior NGP funds, NGPNR XI will invest a majority of its capital in North America but will not rule out global invests if opportunities arise.

The fund will make six to 10 investments an