Kerogen Capital, the private equity fund manager specialising in international energy, has announced the closing of Kerogen Energy Fund II, L.P. together with its parallel funds and related co-investment funds, with total capital commitments of US$830 million.
The fund received strong support from both existing and new institutional investors. Kerogen’s diversified blue-chip investor base includes leading endowments, foundations, pension funds, insurance companies, fund of funds, international corporations and family offices.
The fund will focus on the international energy segment outside of North America, primarily providing growth capital to established upstream oil and gas companies. To date, the fund has made two investments: Zennor Petroleum (a platform company focused on the UK North Sea) and Hurricane Energy (a UK-based company specialising in fractured basement reservoirs). Since the Fund’s investment, both companies are actively drilling appraisal and development wells. Zennor has made significant progress in its portfolio build-out by acquiring select assets from a distressed seller, First Oil, adding material production volumes and reserves at an attractive valuation.
The Kerogen team has developed a robust investment pipeline and looks to capitalise on the compelling investment opportunities available in today’s environment.
Park Hill Group acted as placement agent. King & Wood Mallesons and Kirkland & Ellis acted as legal advisors.