Pelican Energy Partners Closes Second Energy Fund at $210M

Jul 19 2016 | 9:37pm ET

Pelican Energy Partners has raised $210 million for its second buyout fund, which will focus on control and growth investments in energy services and equipment firms. 

The new fund, named Pelican Energy Partners II LP, enjoyed support from public pensions, endowments, consultants and high net worth individuals, according to the company. Despite severe volatility in global energy markets, the fund was oversubscribed within four months, according to a statement by Terry Crikelair, managing director of Champlain Advisors. Champlain served as Fund II’s exclusive placement agent.

The new pool will continue Pelican’s successful strategy of investing in companies in the energy sector that have significant growth potential as well as resilience to industry cycles. “Our investment track record resonated with investors,” said founder and managing partner Mike Scott in a statement. “Since starting Fund I in 2012 near the peak of the last cycle, we have been patient and disciplined in deploying capital and that has benefitted our investors. Sometimes the best deals are the ones you don’t do.”

Pelican’s first fund closed with $120 million in early 2013. At the time, Scott characterized his company as “oilfield service guys making private equity investments, not private equity guys making oilfield service investments.”

The team at Houston-based Pelican includes nine investment and operating professionals, four of whom have worked as CEOs in the energy sector. They have deployed more than $500 million of equity capital commitments in aggregate over their careers as entrepreneurs, operators and investors.

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