Private equity firm Blue Water Energy (BWE) has closed its second fund after securing commitments of more than $1.1billion.
BWE, set up in 2011, said Fund II would focus on opportunities in a range of oil and gas industry sub-sectors, including exploration and production and upstream equipment.
The new fund has so far invested in three firms: Mime Petroleum, GPS Group and Authentix.
London-based BWE, whose co-founders include Graeme Sword, who spent 14 years at private equity fund 3i, closed its inaugural fund in May 2013 with $862million worth of commitments.
The addition of the second fund means BWE has $2.5billion under management and a global portfolio of 14 companies, including Aberdeen-based Siccar Point Energy.
A BWE spokesman said: “This final close comes on the back of strong momentum already achieved through our first three investments in BWE Fund II.
“We are grateful for the continued support from our existing investors and are delighted to have built new partnerships with many new investors in our second fund.
“We believe our subsector focused and geographically diversified investment strategy is differentiated in the energy sector.
“Our valued limited partner commitments to BWE Fund II are a testimony to this and something we are proud of”.