Warburg Pincus closes $4bn energy fund

The vehicle, Warburg's first energy-focused private equity fund, exceeded its fundraising target of $3bn. It was already oversubscribed on its first close in May 2014.

Launched in November last year, Warburg Pincus Energy will be managed alongside Warburg Pincus Private Equity XI. The GP's XI vehicle is an $11.2bn global PE fund that closed short of its $12bn target in May 2013, with an investment focus of energy, financial services, healthcare, technology, media, telecommunications, consumer, industrial and services.

Investments
The Energy Fund will primarily invest in global energy exploration and production, though it is likely to invest substantially in the North American shale gas industry.

It will also invest in other areas of the energy sector, such as midstream, oilfield services, mining and power, all with a global outlook.

Investors
The GP said LPs in the new energy fund are mainly existing investors in Warburg Pincus's funds. These include public and private pension funds, sovereign wealth funds, insurance companies, endowments, foundations and wealthy individuals.

According to unquote" data, a significant number of the new investors in Private Equity XI were based outside of the US.

People
Charles R Kaye and Joseph P Landy are co-chief executives of Warburg Pincus.

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