32 Degrees Capital, a Calgary based private equity firm, has held the final closing of 32 Degrees Diversified Energy Fund II with CAD84.6m of capital commitments.
Fund II is a successor fund to 32 Degrees Diversified Energy Fund I and follows a similar investment strategy.
Launched in 2012, the fund investors are largely institutional and consist of investors from throughout North America including endowments, fund of funds investors, Canadian government agencies, family offices and high net worth investors. Thomas Capital Group served as placement agent.
"We are very pleased that we have been able to attract such a blue chip list of leading institutional investors,” says Larry Evans, managing partner of 32 Degrees. "Our relevant experience and hands-on approach to investing in both the Canadian services and resource space has resonated very well with our investors. When we invest we are far more than a financial partner as our operating experience is attractive to the management of the investee company."
At the time of closing, the fund had already committed over CAD45m through six transactions, which are split about equally between service and resource investments.
"Our deal flow has been very steady as we continue to establish 32 Degrees as the go-to partner for emerging private companies financings," says Art Robinson, partner of 32 Degrees. "With such great access, we expect to make a couple more investments in the next six months which will have us back in the market with Fund III in the first half of 2014."
