Waveland Closes Latest Private Fund, Raising 30% More Than Targeted
Waveland Energy Partners, a private investment sponsor with 25 years of experience in the American energy sector, announced the final closing of private fund Waveland Resource Partners VII, LP. The WRP VII offering was significantly oversubscribed, raising over 30% more than its initial equity raise target of $100 million.
According to Waveland, the surge in investment reflects the “growing demand from wealth managers, [registered investment advisers], and family offices seeking income-generating energy investments with long-term growth potential.”
The WRP VII fund, which launched in September 2023, aligns with Waveland’s total return income and growth strategy, said the company. The strategy targets producing upstream oil and gas assets in established domestic basins.
The objective of Fund VII is to deliver attractive, risk-adjusted returns by co-investing alongside experienced energy partners in drilling programs focused on proven domestic oil and gas reserves.
The fund targets quarterly cash distributions with a 10% annual yield, while also reinvesting excess operating income into new assets to compound value over time. Fund leadership said this reinvestment supports long-term portfolio growth and positions the fund for an eventual strategic exit.
“Advisers are increasingly allocating to domestic energy as a core alternative to traditional fixed income,” said Adam Dooley, president of Waveland Capital Partners. Dooley was appointed president of the firm in March of this year.
As market volatility and inflation pressure traditional income sources, Waveland said domestic energy is gaining momentum as an uncorrelated source of yield, downside protection, and long-term capital appreciation.
“By partnering with top-tier institutional operators and reinvesting free cash flow into additional income-producing assets, we aim to compound value throughout the investment lifecycle and enhance outcomes at exit,” Dooley added.
Waveland Energy Partners LLC and its affiliates have sponsored more than 40 energy-related investments since 2000. With experience in drilling, land acquisition, and private equity investing in the energy sector, Waveland has developed and refined an income and growth investment strategy. The company invests in the Bakken, a sedimentary rock formation in North Dakota that contains billions of barrels of oil and natural gas and is one of the largest oil fields in the United States.
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