Wednesday June 18, 12:51 PM
KERN Partners to announce $750 million first close for KEP III fund - source
LONDON (Thomson Financial) - KERN Partners Ltd. is close to announcing a first close of $750 million to its latest private equity fund, KERN Energy Partners III LLC (KEP III), according to a source familiar with the situation, speaking on
the sidelines of the Private Equity International Energy Forum in London.
Cornerstone investors in previous KERN Partners funds, including the top three Canadian pension funds, have also committed to KEP III, which has a target of about $1 billion, the source said.
KERN's website says that KEP funds are supported by North American university endowments, pension funds, foundations, institutions and family offices.
An independent industry expert said he believed that investors in KEP III include funds managed by the Canada Pension Plan Investment Board and the British Columbia Investment Management Corporation.
The fund's predecessor KERN II Fund (KEP II) closed in 2006 with total commitments of $450 million, according to the company website.
KERN Energy Partners I Fund (KEP I) achieved total commitments of $230 million in 2003.
The source pointed out that KERN's existing portfolio mainly consists of companies related to the exploration and production of oil, including Canadian companies Ember Resources Inc (EBR.TO - news) . and Dolomite Energy Inc., as well as Fairfield Energy Limited, a U.K.-based private company developing oil and gas assets in the North Sea.
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