Norwegian funds embark on new oil and gas ventures

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HitecVision and Energy Ventures have both closed new funds, setting new records for Norwegian oil and gas venture and private equity funds.

HitecVision V LP closed on $800m, meeting its hard-cap and was significantly over subscribed. Argentum was the cornerstone investor in the fund and committed close to 10% of the fund.

There was also a high degree of returning investors from the previous HitecVision funds, but the LP base also included international investors such as Goldman Sachs, Adam Street, Access Capital Partners, ATP Private Equity, LGPI and investment funds adviced by Partners Group. The vehicle also attracted elite US endowments and pension funds.

HitecVision V started the international fundraising process in November 2007, and the vehicle held a first close on $500m in December last year. (Page 05)

Energy Ventures has also held a final close of its new fund, Energy Ventures III, on NOK 1.3bn ($243m), exceeding its NOK 1.2bn target.

The vehicle has attracted commitments from international LPs, including LGT Capital Partners, LMS Capital and Partners Capital among others. The fund is looking to make investments in early-stage oil and gas technology companies in the North Sea, but also the US and Europe. (Page 05).