Fundraising

BP natural gas LP nears half-point of $500m fundraise

Nearly two years after launching its first private equity fund for outside investors, BP Capital has sold 43 percent of available securities.   

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Mid-market buyout fund BP Natural Gas Opportunity Partners has so far collected $216 million out of a $500 million target, according to SEC documents filed on 1 March. 

Minimum investment into BP Natural Gas Opportunity Partners from outside investors is set at $150,000 for the vehicle, which has already sold just over 43 percent of equity interests to 78 investors. The total builds on the $146.2 million from 58 investors reported in a September filing.

BP Capital founder Thomas Boone Pickens, Jr., and BP Natural Gas Partners managing partners Aleksander Szewczyck and Michael Watzky serve as limited partnership (LP) directors.

Placement agents identified in the filing include EdgeLine Capital, StormHarbour Securities, V2V Securities, USCA Securities, I-Bankers Securities, MCP Securities, Foreside Fund Services and Equus Financial Consulting.

The fund, which is the first of Pickens' BP Capital's private equity offerings to include outside investors, was launched in 2013. Its first sale occurred on 17 April 2014, and the LP made its inaugural investment of $75 million into Mesa Natural Gas Solutions the following month.

The Boone Pickens LP specialises in natural gas-related buyouts in the North American mid-market.Â