Pelican Energy Partners, a specialised private equity fund, has held a final close of its debut fund, having reached USD120m in committed capital.
Pelican is focused on strategic investments in smaller, high growth energy service companies with sustained earnings outlooks. Investors in the fund include current and former energy service company owners, CEOs and other top officers within the oilfield service industry.
"Our initial goal was to raise USD80m to USD100m," says Mike Scott, managing partner of Pelican. "We believe the incremental capital commitments to the fund, coming from an extremely experienced investor base, further validates our strategy."
Pelican’s management team was recently further strengthened with the addition of Joe Welsh, who joins Pelican as a managing director. Welsh most recently served as director of corporate development at Complete Production Services, where he executed over 30 transactions within the energy services industry. He also served as vice president of Water Treatment Solutions where he led the development of FracMate, a portable water treatment system designed to facilitate wastewater re-use.
"2012 was a year of significant milestones," says Scott. "With the completion of fundraising, the building out of the team and a jump-start on capital deployment with three very solid investments, we have established a solid platform for future earnings, as well as a foundation for continued investment growth – all in a very short time span."
