ARC hits hard cap for fund VII

Canadian energy specialist ARC Financial Corp has hit a hard cap of $1bn for its seventh fund, bringing its total assets under management to more than $3.7bn.

Calgary-based ARC Financial Corp, which focuses on the energy sector, has held a final close for its latest private equity fund at its hard cap of C$1 billion ($1 billion; €803 million), as predicted in a Private Equity International exclusive earlier this year.

ARC Energy Fund 7 will invest in Canada’s burgeoning oil and gas sector, from exploration and production-focused businesses to those providing oilfield services. It had an original target of C$850 million.

Atlantic-Pacific Capital acted as sole placement agent on the fundraising, which featured a significant number of re-ups from existing LPs, the firm said.

New investors in the fund included endowments, foundations, family offices and funds of funds from both North America and further afield, the firm added.

LPs in ARC’s last fund, a C$830 million vehicle launched in 2008, include Blackrock, Northleaf Capital Partners, the Ontario Teachers’ Pension Plan, the Power Corporation of Canada, Princeton University Investment Co, Sutter Hill Ventures, and the University of Toronto Asset Management Corporation, according to proprietary PEI Media data.