Old Ironsides closes energy fund on $1.3bn

The US firm's Fund II will invest in upstream and midstream assets with a focus on the US and Canada.

Old Ironsides Energy, a Boston-based oil and gas investment manager, has announced the final close of Old Ironsides Energy Fund II on $1.3 billion.

The fund will acquire and develop assets in the upstream and midstream sectors of the oil and gas industry, primarily focusing on the US and Canada, according to a statement.

It is unclear whether the firm had been targeting that amount from the outset. In a filing with the Securities and Exchange Commission (SEC) last October, Old Ironsides indicated that its target was indefinite. As of October 9, the investment firm had raised $246.7 million, according to the same filing.

According to Infrastructure Investor Research and Analytics, as of June 2014, Old Ironsides had been aiming to raise $1 billion for the fund, which despite its name is the firm’s maiden fund.

The firm did not respond to requests for clarification.

“We are delighted and grateful for the strong support we have received from a set of leading energy investors and look forward to delivering value for them through our long-term partnership,” the fund’s managing partners – Scott Carson, Greg Morzano, Sean O’Neill and Daniel Rioux, who left Liberty Energy Holdings and founded Old Ironsides in 2013 – said in the statement.

“Fund II has made three commitments to date, including two investments with repeat management teams, and Old Ironsides maintains an attractive pipeline of opportunities,” the firm said, without providing further detail.

Campbell Lutyens acted as placement agent for the vehicle.