Lime Rock Partners has set a $1 billion target for its eighth flagship private equity fund, according to an SEC filing. The firm closed its previous vehicle on $750 million last July. Lime Rock invests exclusively in the upstream oil & gas sector, usually targeting specialized exploration and production businesses in growth deals ranging between $50 million and $150 million.
With one major fund recently in the books and another now on the way, it seems likely last year’s lull in Lime Rock activity will prove a one-year phenomenon. The firm executed just three private equity investments, according to the PitchBook Platform, its lowest total since 2000. In each of the five years prior to 2016, Lime Rock had completed between seven and 10 transactions, down from an all-time high of 16 in 2008.