Private equity giant Warburg Pincus has raised £2.5billion for an energy fund that will target exploration and production plays across the world, including the North Sea.
The New York-based investor said the new fund, which was oversubscribed beyond its initial £1.85billion target, would add to a further £7billion pot it raised last year.
Its investments include oil and gas explorers and producers Antero Resources Corp and Kosmos Energy.
Peter Kagan, who leads the firm’s energy group, said: “We were very pleased by our investors’ strong response to Warburg Pincus Energy. This companion fund will increase our ability to partner with experienced, best-in-class management teams to build energy companies of scale.”
The firm said it had already invested and committed close to £6billion in over 50 energy-related companies around the world since it was established in 1966.
Warburgs said investors in the fund were primarily existing investors in its other funds. They include public and private pension funds, sovereign wealth funds, insurance companies, endowments, foundations and wealthy individuals.