Lime Rock Partners IV, L.P. Closes at $750 Million9/18/2006
Westport, Conn., September 18, 2006 — Lime Rock, a private equity firm focusing on the energy sector, today announces the first and final closing of its fourth Lime Rock Partners fund, Lime Rock Partners IV, L.P., with $750 million in investor capital commitments. Like the three predecessor Lime Rock Partners funds, Lime Rock Partners IV will make creative, value-adding, and long-term growth capital investments in companies in the global energy industry.
The three predecessor Lime Rock Partners funds, with $850 million in total capital commitments, have invested in 37 companies in the energy service, exploration & production, and oil service technology sectors in North America and Europe. Lime Rock also manages Lime Rock Resources, a $450 million fund, which directly acquires and operates oil and gas properties in the United States.
Established in 1998, Lime Rock now manages $2.1 billion of private capital for investment in the energy industry through Lime Rock Partners and Lime Rock Resources. From locations in Aberdeen, Scotland; Calgary, Alberta; Houston, Texas; and Westport, Connecticut, the Lime Rock Partners team brings together a global network of relationships, deep interdisciplinary expertise in finance and energy company operations, and a strong track record of value creation.
63 institutional investors, including leading endowments, foundations, and pension funds, made capital commitments to Lime Rock Partners IV. Lime Rock did not actively market the fund, and 95% of capital commitments came from existing Lime Rock investors. Lime Rock began the fundraising process in June 2006.
Jonathan Farber, Managing Director of Lime Rock, noted, “We were overwhelmed by the response of our investors to Lime Rock Partners IV. We deeply appreciate their continuing trust and support, which allowed us to raise the fund in a very short period of time. This in turn allowed us to concentrate our energies on continuing to be active partners with our existing portfolio companies and finding great new ones.”
John Reynolds, Managing Director of Lime Rock, added, “We have a simple mission at Lime Rock: to help our investors and our portfolio company management teams profit from exceptional growth. With Lime Rock Partners IV, that mission will continue. We think that our future opportunities will be in companies operating in our traditional markets in Europe and North America and, increasingly, in companies seizing the growth opportunities created by oil and gas development by international and national oil companies in new markets.”
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