HOUSTON, Nov. 2, 2018 /PRNewswire/ — Lime Rock, private equity investors of growth capital in E&P and oilfield service companies, today announces the final closing of Lime Rock Partners VIII, L.P., and an affiliated co-investment vehicle with $688 million in aggregate capital commitments. Inclusive of the previously announced June 2018 closing of Lime Rock Partners IV AF, L.P. at $1.9 billion, with $741 million of new capital commitments, Lime Rock has held a final close on $1.4 billion in new capital commitments this year.
Nearly 90% of institutional investors from Lime Rock Partners’ previous fund, Lime Rock Partners VII, L.P., made commitments to Fund VIII. One-third of the capital in Fund VIII came from new investors who had not participated in Fund VII. The Lime Rock Partners team will seek to deploy the capital in Fund VIII through investments in high-growth, differentiated oil and gas businesses in the E&P and oilfield services sectors with a particular focus on U.S. shale-related opportunities.
Jonathan Farber, Managing Director and co-founder of Lime Rock, noted, “We are extremely appreciative for the support of both our longstanding investors and new limited partners whose commitments allowed Fund VIII to exceed Fund VII’s capital commitments by twenty percent. We have begun working hard to deliver value at the seven portfolio companies already in Fund VIII and other potential new investments.”
John Reynolds, Managing Director and co-founder of Lime Rock, added, “This is almost the twentieth anniversary exactly of the first official day at Lime Rock, and a time of reflection for the entire team. After two decades, we owe tremendous thanks to our colleagues, their families, our portfolio company partners, and supporters in the industry. At the top of that list, though, are the Lime Rock Partners and Lime Rock Resources fund investors, who have put their institutions’ trust—and their missions—partly in our hands.”
Morgan, Lewis & Bockius LLP acted as legal counsel to Fund VIII, and Eaton Partners served as the placement agent.
Since its inception in 1998, Lime Rock Management has raised $8.9 billion in private equity funds and affiliated co-investment vehicles for investment in the energy industry through Lime Rock Partners, investors of growth capital in E&P and oilfield services companies in the U.S. shales and elsewhere, and Lime Rock Resources, acquirers and operators of oil and gas properties in the United States. For more information, please visit: www.lrpartners.com.