Kimmeridge Energy Management Company held a final close on its fourth fund at its $400 million hard-cap, raising a further $250 million in co-investment capital. Investments will be focused on upstream oil and gas opportunities in the United States, with the firm looking to directly acquire and develop unconventional assets that have the ability to outperform through the commodity price cycle.
Both existing and new investors flocked to the fund, including public pension funds, foundations, endowments, family offices and sovereign wealth funds. Capital committed by these firms had been 58 percent deployed at the point of final close.
Fundraising for Kimmeridge Energy Exploration Fund IV was much more successful than its predecessor, which closed at $200 million in August 2016. The firm has now raised $1.7 billion from limited partners since its founding, $1 billion of which has been raised in 2017.
Kimmeridge did not use a placement agent for the fundraise, with Sidley Austin LLP acting as fund counsel.