Denham Closes Commodities Fund At $3 Billion

Apr 3 2012 | 1:40pm ET

Denham Capital Management has raised $3 billion for its sixth private equity fund, another energy and natural resources vehicle.

The Boston- and Houston-based firm said the Denham Commodity Partners Fund VI was oversubscribed; the fund, which launched in July, had targeted $2.5 billion. Denham's last fund, Fund V, closed four years ago with $2 billion.

The firm's existing clients helped push the new fund over the top, with almost 90% of them committing to Fund VI.

The new fund invests in oil and gas, metals and minerals, and power and renewables. It can invest across all stages of the corporate and asset lifecycle, the firm said, and has already made five investments.

"We are very pleased to have completed the Fund VI raise in what remains a challenging global fundraising environment," CEO Stu Porter said. " Thanks to very strong relationships with our limited partners, who share our belief that investment opportunities will continue to be robust around the sustained global demand for energy and resources products and services, we are able to quickly return our undivided attention to capitalizing on opportunities in these sectors."

Denham, which spun-off from collapsed hedge fund Sowood Capital Management, now has $7.3 billion in assets under management.

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