NGP Energy Capital Management has closed an energy-focused private equity fund with $5.325 billion in commitments.
The fund, NGP Natural Resources XI LP, will invest in the natural resources industry, specifically oil and gas production and oilfield services. The fund, which took a year to raise, has already made one investment for $100 million, which is not yet disclosed, says Ken Hersh, NGP CEO.
NGP has had $16.5 billion in capital under management since 1988. The firm has several affiliated groups that it invests through, including Natural Gas Partners, NGP Energy Technology Partners and NGP Global Agribusiness Partners. The firm is the Carlyle Group's (Nasdaq: CG) energy investment platform.
The news comes one day after Five Point Capital Partners closed its first fund with $450 million in commitments that will also focus on energy investments.
Some experts have predicted that private equity fundraising peaked in 2014, as limited partners look to invest in separate accounts. For more, see PE Fundraising May Have Peaked.