Waterous Energy on July 2 made the final close of its inaugural fund targeting North American oil and gas investments at its hard cap of C$1.4 billion (US$1 billion), exceeding its target of C$1 billion (US$750 million).

The fund—Waterous Energy Fund LP—received strong backing from endowment, family office, pension fund, advisory and financial institution investors located across North America, Atlantic-Pacific Capital Inc., the exclusive global placement agent, said in a July 2 release.

Founded in 2017 by Adam Waterous, Waterous Energy is a Calgary, Alberta-based energy investment firm focused on later-stage control investments in established North American oil and gas companies with top-tier assets which require recapitalization, restructuring or repositioning to unlock value.

Read Elkhatib, CEO and president of Atlantic-Pacific Capital, said Waterous represents a “unique combination” of experience, senior leadership and prior success within the oil and gas sector.

“The firm’s recognition of changing industry dynamics, including recent improvements in drilling technology and movement away from the growth capital model, has enabled the team to identify a unique approach to investing in oil and gas assets,” Elkhatib said in a statement.

Waterous Energy's current portfolio includes Strath Resources Ltd., a high-growth Kakwa Montney condensate producer in Alberta, and Cona Resources Ltd., a long-life, low-decline, high free cash flow heavy oil producer in Saskatchewan. The energy investment firm also has offices in Houston and New York.

Atlantic-Pacific Capital, which has eight offices throughout North America, Europe and Asia, is one of the largest independently owned global placement and advisory firms focused on alternative investments, according to the firm's press release.

Since its founding in 1995, Atlantic-Pacific Capital has executed more than 100 capital raising assignments aggregating over $70 billion, the release said.

“Atlantic-Pacific provided expertise in bringing our story to the broader marketplace and navigating the capital raising process,” Waterous, the firm's managing partner and CEO, said in a statement.