HitecVision VI closes at $1.5bn hard-cap

The fund had a target of $1.25bn, but closed at the hard-cap after around four months of fundraising.

The previous, fifth, fund closed at an $800m hard-cap in February 2008. It currently holds eight portfolio companies ranging from exploration to field development and drilling. Seven of the companies are based in Norway, with the last in the US. No exits have yet been made from the fund.

Investors
HitecVision has received continued support from previous investors and added some new. LPs include European and North American pension funds, financial institutions, university endowments, family offices, and charitable foundations.

More specifically, some of the investors have been named as Adams Street Partners, Argentum, Canadian Pension Plan Investment Board, DNB, Goldman Sachs, The Hillman Company and Partners Group.

The GP has committed $46m to the fund, corresponding to around 3.7%.

Investments
HitecVision plans 10-12 buyout and growth capital investments over the next five years in the oil & gas industry. It anticipates the typical investment will range between $50-200m equity in companies with $50-300m revenue.

People
Arne Trondsen is senior partner at HitecVision and responsible for business development.

Advisers
Fund – Credit Suisse Private Funds Group (Placing agent); Bugge, Arentz-Hansen & Rasmussen (Legal).

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• Topics
• Buyout
• Nordics
• Norway