This Week's Fund Closings

Dec 8 2005 | 6:06pm ET

• Lime Rock has held a final close of private equity fund Lime Rock Resources with total capital commitments of $450 million. The Lime Rock Resources team, which manages the fund, is led by Eric Mullins, a former managing director of Goldman Sachs, and Charles Adcock, formerly a senior v.p. at The Houston Exploration Company. Lime Rock acquires, operates, and improves lower-risk oil and gas properties in the United States.           

• Saybrook Capital, a $1.2 billion Santa Monica-based firm, has closed its Tax-Exempt Opportunity Fund III at $300 million. Jon Schotz, co-founder of the firm, said the fund was hard-closed because additional capital commitments would not enable the fund to achieve its expected returns under current market conditions.

The fund, which was launched in November, invests in troubled, tax-exempt municipal bond issues in various stages of distress where the bond obligations can be restructured and stabilized by income-producing projects such as apartments, office buildings, toll roads, hotels, long-term care facilities and even airport terminals. Schotz added that the firm could launch additional tax advantage funds in the coming year.

“Continued credit pressure in the airline, automotive and energy sectors should, in the next few years, provide substantial investment opportunities in the municipal bond arena,” said Jeff Wilson, a co-manager of the funds. “Credit quality also continues to erode in certain sectors affected by the disastrous hurricane season of 2005, which, we believe, will substantially elevate the exposure of traditional municipal bond holders to non-investment grade, bankrupt and defaulted paper.”   

• NGP Energy Capital Management, an Irving, Texas-based money manager, has closed three funds with a total of $1.7 billion in commitments. Natural Gas Partners VIII has closed with $1.3 billion, NGP Income Co-Investment Opportunities Fund II has closed $250 million, and NGP Energy Technology Partners closed with $148 million. 


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