Waterous Energy Fund (WEF) raised a US$1 billion fund for Canadian oil and gas investments. (Pictured): An oil pumpjack in Alberta, Canada. (Source: Shutterstock.com)
Waterous Energy Fund (WEF) closed its third private equity fund at CA$1.4 billion (~US$1 billion).
With the third fund, Waterous Energy Fund III, Waterous will continue to focus on investment in the Canadian oil and gas sector, the Calgary-based firm said March 31.
“We are honored that most of the fund’s capital comes from our longstanding partners and are thrilled to welcome new partners into the fund as well,” said Adam Waterous, managing partner and CEO of WEF.
To date, WEF III has invested about a third of its capital in Greenfire Resources Ltd., a producer in the Athabasca oil sands.
WEF also backs Canadian E&P Strathcona Resources, which operates thermal oil, heavy oil and shale assets.
Between 2017 and 2023, WEF invested about CA$2 billion (US$1.4 billion) across 10 acquisitions to build Strathcona Resources, according to WEF’s website.
In 2021, WEF took a controlling interest in Osum Oil Sands in a deal valued around CA$171 million (US$135 million) at the time. Osum Oil Sands was later consolidated into the Strathcona portfolio.
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