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EnerVest closes $1bn fund for oil and gas acquisitions11/06/2007. Source: AltAssets. 
 Houston-based EnerVest Management Partners has closed EnerVest Energy Institutional Fund XI, on $1.02bn. The new fund will focus on investments in upstream oil and gas properties and companies in North America. Fund XI is comprised of 75 institutional investors.
The fund will include modest leverage for certain investors which will give Fund XI total purchasing power of $1.4bn, representing a 107 per cent increase in purchasing power over Fund X, which was closed in July 2005.
'We have reached several milestones already this year, and the closing of this fund will enable us to continue our growth,' said John B Walker, president and CEO of EnerVest. 'Throughout our 15 years, and through many cycles in our industry, we have maintained our disciplined and creative approach to acquisitions. That will not change with Fund XI.'
EnerVest acquires, develops and operates oil and gas fields on behalf of its institutional investors.
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