HitecVision smashes target close for new buyout fund
HitecVision, Europe’s largest equity investor focusing exclusively on the oil and gas industry, has announced that it has accepted commitments of USD 420 million for its new fund, HitecVision Asset Solutions, exceeding the original USD 320 million target. The fundraising had strong support from existing as well as new international investors.
The new Fund is not part of the main HitecVision Fund series, but has been specifically created to take advantage of current market opportunities in the asset-based side of the international offshore oil and gas service industry, typically owners and operators of such assets as drilling rigs, supply vessels, subsea construction vessels, etc.
There was strong interest in the new Fund from both existing investors and a select group of new high quality international investors, resulting in a well diversified investor base comprising leading Norwegian, European and US pension funds, insurance companies, endowments and foundations, and other financial institutions. The fund was raised in only four months.
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