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Alternative Market Briefing

Lime Rock and GSAM team up on energy continuation fund

Wednesday, November 24, 2021

Bailey McCann, Opalesque New York:

Energy investor Lime Rock Partners has closed its latest continuation fund on $203 million. The fund has acquired assets formerly owned by Lime Rock Partners VI, L.P., a 2012 vintage fund.

Goldman Sachs Asset Management Vintage Funds was the lead investor in the continuation fund, providing the majority of the $134 million in new capital commitments. A separate co-investment vehicle was also created alongside the continuation fund.

The fund will extend an investment in CrownRock Minerals, two entities that acquire mineral and royalty interests in the Permian Basin. Lime Rock has been an investor with Midland, Texas-based CrownQuest Operating which manages CrownRock, since 2007. CrownRock is majority owned by Lime Rock and CrownQuest through Lime Rock Partners IV AF, a 2018 vintage acquisition fund.

"With this, our second GP-led secondary, we continue to believe that there are good, market solutions to respond to some investors' preferences for liquidity while allowing others to hold investments beyond a normal fund life," said John Reynolds, co-founder and Managing Director of Lime Rock Partners.

Minerals and royalties investments typically involve less overhead than midstream services. Investors in minerals and royalties are paid a portion of the revenue from the wells without having to cover operating costs.

In an interview on the deal with the ......................

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