HitecVision closes seventh fund on $1.9bn

Karin Wasteson
07 April 2014

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HitecVision has held a final close for HitecVision VII on its hard-cap of $1.9bn, exceeding its $1.5bn target.

The Guernsey-based fund, which has a traditional 10-year lifespan, launched in February 2014 and reached its hard-cap two months later. Credit Suisse was acting as placement agent and Bar acted as legal adviser to the vehicle.

Including this latest fund, HitecVision now manages $5bn of institutional capital.

Investors
Three new investors joined existing HitecVision backers, which hail mainly from the US and Europe. Investors include pension funds, financial institutions, sovereign wealth funds, university endowments, family offices and charity foundations. New Jersey Common Pension Fund is one of the new investors.

Adams Street Partners, Argentum, ATP PEP, Commonfund Capital, DNB, Goldman Sachs Asset Management, HarbourVest, The Hillman Company, KEVA, KLP, LGT, New Jersey Common Pension Fund, Nordea, Partners Group and Storebrand have all contributed around $70m each to the fund. In addition to the institutional investors, HitecVision and its associate entities have also committed $100m to the fund.

Investments
The fund will follow the same strategy as Hitec's previous funds, investing in the oil and gas industry mainly in northern Europe and the Gulf region. The equity tickets will typically be in the size of $100m, and the fund will make around 16 investments in total.

The fund has not made any investments yet, but HitecVision is looking to complete its first investments from the fund before the summer. The share of capital dedicated to follow-on investments will be greater than that deployed for new deals.

People
Arne Trondsen is responsible for the fund at HitecVision.