Adamant Ventures, a British private- equity firm focusing on oil and gas, expects to raise 80 million pounds ($130 million) for its first fund next year, according to founding partner Antony Sommerfeld.

Adamant expects to hold a first close, the point at which it can begin investing, of 50 million pounds by February, with the final close by April, Sommerfeld said in an interview. The fund will focus on early stage on-shore oil and gas exploration investments, he said.

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