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Lime Rock Partners V closes on $1.4bn

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Fund

Lime Rock Partners has closed its fifth fund on $1.4bn, just three months after it was launched in February 2008. Lime Rock Partners V has a 10-year lifespan with the usual extensions.

Lime Rock funds have invested $1bn in 47 energy portfolio companies mainly in the US, Canada and Europe. The firm operates from offices in the US, the UK and is shortly to open an office in Dubai. Lime Rock also manages Lime Rock Resources, which acquires and operates oil & gas properties in the US.

Investors

The minimum subscription was set at a flexible $5m and the fund comprises 78 investors, mainly from the US. Existing investors committed 91% of the capital with the largest LP allocating no more than 6%. Over 50% of the investors are endowments and charitable foundations, nearly 30% are pension funds, and the rest include financial institutions, funds-of-funds, family offices and individuals.

Investments

No investments have been made yet, but in a similar fashion to its predecessors, the new fund will focus on growth capital investments in exploration & production, energy services and oil service technology sectors throughout the world. Planning to make 2-5 investments per year, looking, wherever possible, for majority stakes in the region of $25-150m, the fund does not rule out co-investing. The core exit strategy will be trade sale, although the fund does not exclude IPO and secondary buyouts, potentially reinvesting the proceeds from an exit.

Name: Lime Rock Partners V

Closed on: $1.4bn

Focus: Growth capital, global energy

Contact: Jonathan Farber, John Reynolds

Address: 518 Riverside Avenue, Westport, CT 06880

Tel: +1 203.293.2750

Fax: +1 203.293.2760

Advisers

Willkie Farr & Gallagher (Legal)

People

The fund will be managed by Jonathan Farber and John Reynolds, who co-founded Lime Rock Partners in 1998. They will be supported by a team of 16 people, most of whom have been with Lime Rock for several years.