Fund XIV: Growing to new heights.
With $3.8 billion in purchasing power, Fund XIV is the largest in company history - confirming confidence not only in oil and natural gas, but also in our proven approach.
Fund XIV closed with aggregate capital commitments of $2.4 billion with 90 institutions, investing through 101 entities, in November 2015. The Fund is organized by EnerVest to facilitate investment by taxable and tax-exempt entities.
The primary objective of Fund XIV is to generate consistent returns for its institutional investors by making prudent investments in the upstream sector of the oil and gas industry in North America, leveraging the company’s existing basin positions. To achieve the Fund's objectives, the General Partner intends to implement a process of disciplined and opportunistic acquisition of oil and gas, aggressive property development and management, cost reductions and strategic asset divestitures. In addition, the Fund will focus on acquiring properties with proved reserves possessing significant development potential, yet underpinned with a base proved developed producing component of 50-60 percent of the reserves of the overall portfolio. EnerVest will seek to build a diversified energy portfolio with 10-15 anchor investments. In addition, the portfolio is expected to reflect a balanced product distribution with oil, natural gas and natural gas liquids. The goal of this investment focus is to provide a current return from the producing reserves, while establishing further economic upside from the development of the non-producing component.
The Fund will focus primarily on asset transactions with proved and probable oil and gas reserves in North America with development upside. In particular, EnerVest desires to invest in properties that give the company the right to serve as operator and therefore control the timing and implementation of exploitation and development activities. The primary emphasis of the Fund will be to invest in transactions having a value between $50 million and $500 million. The Fund also may pursue opportunistic larger transactions that present significant upside potential and are consistent with EnerVest's investment philosophy. These larger transactions typically have less competition due to their size.