Blue Water Energy has held the final closing of Blue Water Energy Fund II (BWE Fund II), with total commitments over USD1.1 billion, surpassing its target of USD1 billion after securing further commitments from a number of new limited partners.
Blue Water Energy, founded in 2011 by Jerker Johansson, Tom Sikorski and Graeme Sword, closed its inaugural Fund I in May 2013 with USD862 million of commitments and now has a portfolio of eleven companies in this fund. BWE Fund II’s investment strategy will be the same as BWE Fund I; a buy and build strategy focused exclusively on opportunities in the Exploration & Production, Upstream Equipment & Services and Mid/Downstream Equipment & Services sub-sectors.
BWE Fund II has invested in three investment platforms to date. These include GPS Group, focused on building and operating Mid/Downstream storage and logistics assets globally, Mime Petroleum, focused on Exploration and Production opportunities on the Norwegian Continental Shelf and Authentix, a global identification solutions provider that prevents illicit trade of high-value, high-volume products such as gasoline, diesel and LPG with broader applications globally.
Blue Water Energy’s second fund has attracted a broad, well diversified base of investors including pension funds, sovereign wealth funds, endowments, foundations, fund of funds, insurance companies and family offices from North America, Europe and Asia. BWE Fund II secured a high proportion of re-investment from BWE Fund I limited partners as well as commitments from a number of new limited partners.
A Blue Water Energy spokesman, says: “This final close comes on the back of strong momentum already achieved through our first three investments in BWE Fund II. We are grateful for the continued support from our existing investors and are delighted to have built new partnerships with many new investors in our second fund. We believe our subsector focused and geographically diversified investment strategy is differentiated in the energy sector. Our valued limited partner commitments to BWE Fund II are a testimony to this and something we are proud of”.
The Asante Capital Group acted as exclusive placement agent and legal advisors were Willkie Farr & Gallagher (UK) LLP and Carey Olsen.