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Private Equity: Natural Resources Fundraising
The Facts
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Private Equity: Natural Resources Fundraising Given the strong level of fundraising for private equity natural resources funds through the first half of 2015, Preqin anticipates full-year fundraising levels to be the highest ever. Preqin takes a look at the latest fundraising data from this area of the market.
Key Stats
$28bn
Year for which a record $30bn was raised by natural resources funds.
2013 6
24.0 26
24.6
23.6
26
25
25
32
25.0
20.1
22
20.0
19
20
15.0
13.4 16 13 9.4
10
13 9.2
10.0
8.1 5.0
5 0
4% 1% 1% 1% 2% 3%
9% 3% 6% 4% 5% 5%
80% 70%
Pan-Emerging Markets Australasia Latin America
60% Africa
50% 86%
40%
Asia
68%
30%
Europe
20%
North America
10%
0.0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD No. of Funds Closed
Number of natural resources funds on the road, up from 54 as of July 2014.
90%
Proportion of Fundraising
No. of Funds
35
30.0 28.0
3
100%
Aggregate Capital Raised ($bn)
30.2
1
Target size of the largest natural resources fund in market, Riverstone Global Energy and Power Fund VI.
Fig. 2: Breakdown of Natural Resources Fundraising by Geographic Focus, 2006 - 2015 YTD
35.0
42
40
15
2
64
Fig. 1: Natural Resources Historical Fundraising, 2006 - 2015 YTD
30
$7.5bn
Six of the 10 largest natural resources funds ever raised have closed since 2013.
45
Proportion of total natural resources capital raised since 2006 that is focused on North America.
86%
Aggregate capital raised by natural resources funds in 2015 YTD.
0% No. of Funds Closed
Aggregate Capital Raised
Aggregate Capital Raised
Source: Preqin Funds in Market
Source: Preqin Funds in Market
Fig. 3: 10 Largest Natural Resources Funds Closed, 2006 - 2015 YTD Fund
Firm
Fund Size (mn)
Year of Final Close
Geographic Focus
First Reserve Fund XII
First Reserve Corporation
8,821 USD
2009
Brazil, China, India, North America
First Reserve Fund XI
First Reserve Corporation
7,800 USD
2006
Global
Riverstone Global Energy and Power Fund V
Riverstone Holdings
7,713 USD
2013
Global
EnCap Energy Capital Fund X
EnCap Investments
6,500 USD
2015
North America
Riverstone/Carlyle Global Energy and Power Fund IV
Riverstone Holdings
5,980 USD
2009
Global
NGP Energy Capital Management
5,325 USD
2015
North America
EnCap Investments
5,000 USD
2013
North America
NGP Natural Resources XI EnCap Energy Capital Fund IX Blackstone Energy Partners II Natural Gas Partners IX Warburg Pincus Energy Fund
Blackstone Group
4,864 USD
2015
Global
NGP Energy Capital Management
4,000 USD
2008
North America
Warburg Pincus
4,000 USD
2014
Global Source: Preqin Funds in Market
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Private Equity: Natural Resources Fundraising
The Facts
Fig. 4: Natural Resources Funds in Market by Year, 2006 - 2015 YTD
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Fig. 5: Breakdown of Aggregate Target Capital of Natural Resources Funds in Market by Geographic Focus
70 64 60 54 50
North America Pan-Emerging Markets
47.2 38
40
34.6
31.9 29
30 20
4%
1% 3% 2% 0.4%
15 12.9 12
10
21 18 17.9 17 15 15.4 13.8 12.9
Latin America
21%
Europe
20.3 Australasia 69%
6.8
Asia
0
Africa
Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 No. of Funds Raising
Aggregate Target Capital ($bn) Source: Preqin Funds in Market
Source: Preqin Funds in Market
Fig. 6: 10 Largest Natural Resources Funds Currently in Market Fund Riverstone Global Energy and Power Fund VI EnerVest Energy Institutional Fund XIV
Firm
Target Size (mn)
Fund Status
Geographic Focus
Riverstone Holdings
7,500 USD
First Close
Global
EnerVest
2,500 USD
Raising
North America
TIAA-CREF Asset Management
2,500 USD
Sixth Close
Australasia, Latin America, North America
Apollo Natural Resources Fund II
Apollo Global Management
2,000 USD
Raising
North America
Kayne Anderson Energy Fund VII
Kayne Anderson Capital Advisors
1,600 USD
Raising
North America
Carlyle Group
1,500 USD
Raising
North America
Kerogen Capital
1,500 USD
First Close
Emerging Markets
TIAA-CREF Global Agriculture II
Carlyle North America Power Partners I Kerogen Energy Fund II QKR Corporation Fund I China Mining United Fund II AMCI Capital II
QKR Corporation
1,000 USD
First Close
Africa, Latin America
China Mining United Fund
5,000 CNY
Raising
China, North America
AMCI Capital
750 USD
Raising
Global Source: Preqin Funds in Market
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