Lime Rock Partners II, L.P. Holds Final Close At $320 Million11/14/2002
WESTPORT, Conn., November 14, 2002 – Energy-specialist private equity firm Lime Rock Partners today announced the closing of Lime Rock Partners II, L.P., its second private equity fund. With offices in the major energy centers of North America and Western Europe, the fund will target growth-equity investments in the oil and gas service, transportation, and production industries.
Lime Rock closed its first fund in October 1998 with a total of $105 million in capital, which has now been invested in a total of twelve energy companies. In late 2001, Lime Rock retained Monument Group to assist in raising a second fund, and began meeting with institutional investors in early 2002. The fund’s original target was $200 million. Lime Rock Partners II, L.P. is made up of over 40 institutional investors, including leading endowments, foundations, and pension funds.
“The fund raising effort we have just completed surpassed our expectations and is a strong endorsement of our focused investment approach in the energy sector,” said Jonathan Farber, Managing Director of Lime Rock. “This new fund enables us to continue to target small and medium size businesses that will benefit from a combination of growth capital and strategic guidance.”
“We are pleased with the results of this fund raising, which indicates that there is a growing recognition that the energy sector is a part of the economy where returns are suitable for private equity investors and are achievable with the right strategy,” said John Reynolds, Managing Director of Lime Rock. “Monument Group did an outstanding job helping us take our story to the marketplace.”
About Lime Rock Partners
Lime Rock Partners, based in Westport, Connecticut, is a private equity firm founded in 1998 that seeks to make privately negotiated investments in small, well-managed companies in high-growth segments of the energy industry. Since formation, Lime Rock has made investments in twelve portfolio companies. Lime Rock investments include: Roxar ASA, Deer Creek Energy, Venture Production Co., Torch Offshore, Inc. and SmartSynch, Inc. To learn more about Lime Rock, visit www.lrpartners.com.