NGP Energy Capital Management closed the $5.33 billion NGP Natural Resources XI at its hard cap, a news release states.
The new fund will focus on oil and gas production, oil field services and energy midstream sectors. Carlyle Group owns 55% of NGP's revenue and was due a fee from NGP for any new limited partner that invested in the fund. NGP, and not its limited partners, paid this fee, according to a June 12 memo to the board of the $52 billion Pennsylvania Public School Employees' Retirement System from Charles J. Spiller, the pension fund's managing director, private markets and real estate.
The fund had a $4.5 billion fundraising target and a hard cap of $5 billion. NGP Natural Resources X closed with $3.59 billion in 2012.
Investors in the fund include the Pennsylvania Public School Employees' Retirement System, Harrisburg; $16.9 billion Louisiana Teachers' Retirement System, Baton Rouge; $12.5 billion Ohio School Employees Retirement System, Columbus; and the $7.4 billion New Hampshire Retirement System, Concord.