Kerogen closes second energy fund at $830m
Kerogen Capital, a Hong Kong-headquartered GP specializing in international energy investments, has closed its second fund at $830 million.
The firm was founded by executives from J.P. Morgan's Asia energy and natural resources team who had subsequently moved to Indonesia-focused Ancora Capital. Having raised in excess of $1 billion for its debut fund in 2012, Kerogen now has more than $2 billion in capital under management.
Fund II - which includes several parallel and related co-investment vehicles - received strong support from both existing and new institutional investors, according to a statement. The LP base includes endowments, foundations, pension funds, insurance companies, fund-of-funds, corporations and family offices.
Kerogen targets international energy assets outside of North America, focusing on growth capital investments in established upstream oil and gas companies. Its strategy is underpinned by an appreciation of the role played by small but technically able companies in developing new plays and the increasing importance of Asia to the energy sector as an end user and strategic participant.
The new fund has already made two investments: Zennor Petroleum, which has a diversified portfolio of exploration, appraisal, development and production assets in the UK's North Sea area; and Hurricane Energy, another UK-based oil and gas company that specializes in fractured basement reservoirs. Both companies are in the process of drilling appraisal and development wells.
Kerogen's other assets include AJ Lucas, an Australia-based drilling company with a focus on UK shale gas, Twinza Oil, which has oil and gas interests in Papua New Guinea and Australia, Kurdistan-focused oil and gas developer HKN Energy, and NewAge, which targets emerging basins in sub-Saharan Africa.
Park Hill Group acted as placement agent for Fund II, while King & Wood Mallesons and Kirkland & Ellis served as legal advisors.
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