Blue Water Energy raises $1.1bn

The mid-market energy specialist closes second fund above target.

Blue Water Energy Fund II has held a final close at $1.1 billion, surpassing its initial target of $1 billion. The vehicle will pursue a buy and build strategy focused exclusively on exploration & production, upstream and mid/downstream equipment & services.

The University of Michigan committed $50 million to BWEF II. Other limited partners included sovereign wealth funds, endowments, foundations, funds of funds, insurance companies and family offices.

The firm’s debut fund, Blue Water Energy Fund I, closed at $861 million in May 2013.

The Asante Capital Group acted as the placement agent for BWEF II and Willkie Farr & Gallagher (UK) and Carey Olsen provided legal counsel.