Global investment firm KKR & Co. LP closed its fund, KKR Energy Income and Growth Fund I, with $2 billion for investment in North American unconventional oil and gas resources, the company said March 5.
The fund will generate income and increase capital, the company said, adding that it will support joint venture drilling investments, mineral and royalty acquisitions and producing assets.
The fund was backed by new and existing KKR investors, including pensions, sovereign wealth funds, insurance companies, foundations, endowments, private banking platforms, family offices and individual investors, KKR said.
Marc Lipschultz, global head of energy & infrastructure, said, “The energy revolution has created an unprecedented opportunity set, and we are seeing many ways to partner with companies to help develop these important resources,” adding, “Pursuing asset-level and structured investments, we intend to deploy creative and flexible structures that seek to best meet the needs of our partners while delivering benefits associated with real asset ownership. We appreciate the diversity and support of new and existing KKR investors.”
KKR has committed roughly $4.3 billion to oil and natural gas investments since 2009, the company noted, adding that it has $8.7 billion in total energy and infrastructure-related assets.
KKR & Co. LP is based in New York.
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