Firm: NGP Energy Capital Management LLC
Fund: NGP Natural Resources X LP
Target: $4.75 billion
Amount Raised: $568.3 million
Placement Agent: None
The new fund,
The new fund has a slightly broader investment strategy, according to a source familiar with the firm’s strategy: In 2010, NGP Energy Capital launched a new strategy, NGP Global Adaptation Partners, focused on investment opportunities in water resources and the food and agriculture industries.
Under that initiative, based on worldwide economic trends—such as people eating more meat in developing nations such as India and China—NGP Energy Capital will dedicate as much as 10 percent of Fund X to investments outside its historic oil and gas markets.
NGP Energy Capital operates a variety of funds, all focused on the natural resources sector and totaling $9.5 billion under management, according to the firm’s Web site. Its central operation, the Natural Gas Partners private equity fund complex, is a fund family with $7.3 billion of total capital since its inception in 1988. The firm invests the funds in private energy enterprises and co-invests in direct oil and gas property interests alongside portfolio companies.
The firm also operates NGP Energy Technology Partners, established in 2005. The business has $496 million under management and has a broader mandate to invest in oil and gas, power, energy efficiency and alternative energy sectors.
Another fund, the $1.4 billion
In addition, the firm has a debt-financing affiliate, NGP Capital Resources Co., a publicly traded business development company that focuses on providing senior debt and mezzanine capital to the energy industry.
NGP Energy Capital declined comment.