Calgary, Alberta-based energy investment company Waterous Energy Fund said June 26 that it closed its first fund at its hard cap of about C$1.4 billion, surpassing its targeted C$1.0 billion of capital commitments.
Waterous invests in "established" North American oil and gas companies whose corporate entities have "run into challenges," which would require restructuring or recapitalizing to unlock asset value. Waterous targets investments that require C$300 million to C$500 million of equity capital.
More than 60% of Waterous' capital is invested in Calgary-based energy producers Strath Resources Ltd. and Cona Resources Ltd.
Stikeman Elliott LLP and Dechert LLP served as fund formation counsel to Waterous, while Atlantic Pacific Capital served as the global placement agent and adviser.