Lime Rock, a private equity firm focusing on the global energy sector, has closed Lime Rock Resources III with USD750m in aggregate investor capital commitments.
As with the two previous Lime Rock Resources funds, the Houston-based Lime Rock Resources team will seek to acquire, improve, and directly operate producing oil and gas properties in the US.
The commitments to Lime Rock Resources III exceeded Lime Rock’s original target and reached the hard cap of the fund. Monument Group acted as placement agent for the fundraise. Thompson & Knight represented Lime Rock in this matter.
Eric Mullins, co-chief executive officer of the Lime Rock Resources team, says: "We are truly grateful for the support of both our longstanding investors and new limited partners in their commitments to Fund III. We believe that the robust demand and relatively speedy fundraise reflects the good performance of the two prior Lime Rock Resources funds and the opportunity set today. We will seek to deploy this new capital as we have before, demonstrating our ability to patiently source property acquisitions at attractive prices through a strong network of industry relationships."
Charlie Adcock, co-chief executive officer of the Lime Rock Resource team, says: "Since 2005, we have executed a strategy based on a premise that directly applying prudent financial management and our operational expertise in low-cost production management and field exploitation techniques would allow us to deliver attractive lower-risk returns and steady cash distributions. We feel extraordinarily fortunate for the renewed trust by investors demonstrated in the new fund. This will allow our team to continue to execute our strategy in today’s dynamic oil and gas property market."
