Pelican Energy Partners has closed its latest private equity fund, which will invest in energy services and equipment companies. The fund, Pelican Energy Partners II LP, raised $210 million in investor capital commitments.
Houston-based Pelican targets energy sector companies with significant growth potential and resilience to industry cycles. It launched its first fund, Pelican Energy Partners I, in 2012, which was near the peak of the last cycle for the oil industry. Pelican Energy currently has seven portfolio companies, and in April it sold its first realized investment, Downhole Technology LLC, designer of plugs used in fracking, to Schoeller Bleckmann Oilfield Equipment.