Pelican Energy closes first energy-focused private equity fund at $120M

Photo: Bloomberg. Pelican Energy Partners racked up $120 million for its first fund.

Houston private equity firm Pelican Energy Partners LP said it has wrapped up the final close on its first-ever fund, racking up $120 million.

That?s about 20 percent higher than the firm?s initial expectations, Pelican Energy said in a statement. The fund aims to pump $5 million to $15 million investments into small and mid-sized energy services companies, and it has already made three investments since it started raising capital in late 2011.

Pelican Energy officials were not immediately available for comment.

The young private equity firm, which is flecked with industry veterans, said in a statement when it reached out to the market it snagged investments from the upper ranks of the oilfield service industry.

The firm has so far invested in Hondo, Texas-based pressure testing company 2-J Well Service LLC, Houston-based frac plug maker Boss Hog Energy Services LLC and Houston-based Capline Environmental Services LLC.

The firm did not disclose the size of the investments.

Collin Eaton covers banking, finance and securities.

Source: http://feedproxy.google.com/~r/vertical_3/~3/5bHfEB5iiOk/pelican-energy-closes-first.html

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