Waterous Energy Fund (WEF) announced the final closing of its third private equity fund, Waterous Energy Fund III, at the target of C$1.4 billion (about US$1 billion).
For Fund III, WEF will continue pursuing its value-based investment strategy in the Canadian oil and gas sector. WEF believes that a concentrated portfolio of scaled businesses with established, high-quality, and geographically adjacent assets is the most effective way to compound long-term intrinsic value per share while maintaining a margin of safety.
So far, WEF has invested approximately one-third of the Fund’s capital in Greenfire Resources Ltd., an Athabasca thermal oil production company.
Bennett Jones and Mayer Brown served as legal counsel to WEF in the formation of Fund III.
KEY QUOTE:
“We are deeply grateful for the trust and confidence the Fund’s investors have placed in both our team and strategy. We are honoured that most of the Fund’s capital comes from our longstanding partners and are thrilled to welcome new partners into the Fund as well. We believe our track record has validated our investment thesis, and we remain confident in our ability to continue executing our strategy.”
- Adam Waterous, Managing Partner and Chief Executive Officer of WEF
