PetroCap has reached its equity fundraising target with PetroCap Partners II, according to an SEC filing. An official announcement of a final close was not disclosed in the filing.
The energy fund launched in April 2014 with $350 million. PetroCap Partners II makes control investments in non-operated working interests alongside operators in on-shore oil and gas projects in the United States. Investments range in size from $5 million to $50 million, and returns will be derived from the income from oil and gas production as well as capital appreciation from increased reserves.
Recent investors are the University of Michigan Endowment, which invested $30 million to PetroCap Partners II, and the Virginia Retirement System, which invested $100 million.