Hastings Equity Partners, a private equity firm focused on investing in lower middle market energy services and equipment companies in the U.S., has held its final closing on Hastings Equity Fund III LP after successfully raising $172 million in commitments. The diversified investors in Fund III include one of the largest foundations in the U.S., a university endowment, a fund-of-funds, and several family offices.

"We appreciate the continued support of our current investors and are honored to have several new blue chip institutional investors who comprise nearly 50% of our third fund," said Bruce MacRae, managing director of Hastings. "We are also very excited about the prospect of partnering with more business owners throughout the U.S. oilfield."

Through Fund III, Hastings intends to continue to follow its partnership approach with business owners. In the seven transactions Hastings has either completed or has under Letter of Intent in the last 12 months, the owners have retained on average 33% of the equity. "There are a lot of service companies in the oilfield right now that are looking for help in managing and financing their growth," said Ted Patton, managing director of Hastings. "They have no interest in selling out but are interested in finding a partner who understands the problems they face and can provide creative solutions."

Hastings has offices in Boston and Houston.