Andros Capital Partners LLC said it has closed its third fund at a $1 billion hard cap, according to an April 7 press release.

Andros Energy Capital III LP is the latest Andros flagship fund focused on private equity investments, credit opportunities and direct asset-level investments across the energy value chain.

Andros maintains a flexible investment mandate, allowing the firm to invest opportunistically across the capital structure in both public and private equity or debt securities.

“Andros remains committed to the responsible acquisition and development of high-quality oil and natural gas assets at scale, underpinned by the fundamental macro view that hydrocarbon demand is here to stay,” said Andros Founder and Managing Partner Phillip A. Gayle Jr. “We are humbled by the continued support of our investors, grateful for the dynamic partnerships we have established across the industry and very excited about this next chapter of growth.”

Since its inception, Andros has successfully executed on upstream M&A, management-led buyouts, general partner-led single-asset continuation vehicles, second-lien financings, upstream drilling joint ventures and direct mineral and royalty acquisitions across most major U.S. basins.

Gibson Dunn & Crutcher LLP served as legal counsel to Andros in connection with the formation of the fund. Andros did not engage a placement agent or any outside advisor in connection with the capital raise.

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