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Kimmeridge closes upstream-focused fund at $400M hard cap

The energy private equity firm Kimmeridge Energy Management Co. LLC closed one of its funds at its $400 million hard cap, raising total capital commitments for upstream oil and gas investments to $650 million.

With the closing of Kimmeridge Energy Fund IV, Kimmeridge has raised more than $1 billion of limited partner commitments in 2017, including a $350 million Permian-focused minerals fund, according to a Dec. 7 news release. Fund IV is used to support direct acquisitions and development of unconventional assets and is 58% deployed.

"We have already made several compelling Fund IV investments and identified a number of exciting oil and gas opportunities that we believe will create significant value for our investors," said Ben Dell, founder and managing partner of Kimmeridge.

A Sidley Austin LLP team served as fund counsel.

Kimmeridge is focused on direct investments in U.S. unconventional oil and gas assets. The firm now has about $1.7 billion in commitments since it was founded in 2012.