Private equity has time—and money—on its side.

As the horizon for realizing gains on investments expands, private equity funds are continuing to take bets on oil and gas. On May 24, equity firms raised or spent $1 billion earmarked for oil and gas-related companies.

Energy and resources-focused global private equity firm Denham Capital funded Tall City Exploration II LLC with a $300 million equity commitment.

The last time around Tall City hit pay dirt for Denham.

In November 2014 and November 2015, Tall City Exploration LLC made separate deals to sell Midland Basin leasehold for $1.5 billion.

Tall City II, based in Midland, Texas, will again be led by president and CEO Michael Oestmann.

“Coming on the heels of last year’s success in a down market we know that there will be very high expectations,” he said. “However, we are extremely confident in our strategy and our team, and feel that this group’s on-the-ground experience and local relationships in the Permian will result in the creation of another successful E&P operation.”

In March, Denham was also involved in Covey Park Energy LLC’s purchase of EP Energy Corp.’s (NYSE: EPE) assets in the Haynesville and Bossier shales for $420 million.

Also on May 24, Energy Spectrum Capital said it would invest $100 million in BlueJack Energy Solutions LLC through the Energy Spectrum Partners VII LP. The fund, created in 2014, raised $1.23 billion and has invested in midstream, upstream storage.

BlueJack President and CEO Ted Lopez told Hart Energy via email that the funds will be used to support greenfield development and the acquisition of existing infrastructure.

“We are in a strong financial position and have the ability to rapidly source additional capital depending on specific project needs,” he said. “The funds will also support current project budgets and provide runway for moving quickly on attractive opportunities."

BlueJack provides oil and gas producers with a full suite of waste stream management solutions including saltwater transmission and disposal, solids processing and disposal and wastewater recycling. BlueJack’s initial operations are focused in the Permian Basin and the Marcellus and Utica shale plays.

BlueJack has signed multiple contracts with Laredo Petroleum Inc. (NYSE: LPI) for water disposal services in the Permian Basin.

“Despite the dramatic shift in the commodities price environment, the opportunity for large-scale development of waste stream management and supply-side infrastructure continues to grow and expand,” Lopez said. “Producers are focusing on plays with the best economics and are seeking relationships with reliable partners that have specific expertise and the ability to help them optimize operations and reduce lease operating costs."

Earlier in May, Energy Spectrum Partners VII fund invested in startup Caliche Development Partners. Based in Houston, the company develops, constructs and operates underground hydrocarbon storage facilities at salt cavern sites in North America.

Overall, private equity got more than it gave on May 24. Post Oak Energy Capital LP said it closed its third fund, Post Oak Energy Partners III LP, at its hard cap of $600 million.

Energy Partners III will pursue the same strategy as prior funds Post Oak Energy Partners LP and Post Oak Energy Partners II LP with equity investments in North American oil and gas companies, oilfield services and related infrastructure.

Funding from Post Oak will continue to be used for growth capital, development acceleration, acquisitions and recapitalization purposes.

Post Oak’s initial funds include 16 investments, 14 of them regionally focused oil and gas companies. It also committed money to an oilfield service and midstream company.

“We see great potential to once again work with best in class management teams in identifying and capturing good value in energy assets, particularly given current industry conditions,” said Frost Cochran, managing director of Post Oak.

Darren Barbee can be reached at dbarbee@hartenergy.com.