CALGARY, Alberta – In a significant move for the investment landscape, Waterous Energy Fund (WEF) has officially closed its third private equity fund, Waterous Energy Fund III, reaching its target of C$1.4 billion (approximately US$1 billion). This fund is poised to play a crucial role in shaping the future of the Canadian oil and gas sector.

Continuing with its established value-based investment strategy, WEF is committed to building a concentrated portfolio of scaled businesses equipped with high-quality and geographically adjacent assets. The management team believes that this approach not only maximizes long-term intrinsic value per share but also ensures a robust margin of safety for its investors.

Adam Waterous, the Managing Partner and Chief Executive Officer of WEF, expressed gratitude to the fund’s existing investors and enthusiasm for new partnerships. He stated, “We are deeply grateful for the trust and confidence the Fund’s investors have placed in both our team and strategy. Most of the Fund’s capital comes from our longstanding partners, and we are thrilled to welcome new partners into the Fund as well. Our track record has validated our investment thesis, and we remain confident in our ability to continue executing our strategy.”

In a strong start, approximately one-third of Fund III’s capital has already been invested in Greenfire Resources Ltd., an Athabasca thermal oil production company, signaling WEF’s confidence in high-potential projects.

Founded in 2017, Waterous Energy Fund has rapidly emerged as the largest oil and gas private equity manager in Canada, with over C$3.4 billion in capital commitments across five funds to date. Among its notable investments are Strathcona Resources Ltd. and Greenfire Resources Ltd., both key players in the Canadian energy landscape.

This successful fund closing comes at a time when the Canadian oil and gas industry is adapting to global energy shifts and transitioning toward more sustainable practices. The implications for investors and the industry as a whole could be profound, offering opportunities to capitalize on new developments in the sector while maintaining a commitment to environmental considerations.

Stay tuned for updates on how WEF’s strategies will unfold in the coming months!