Warburg Pincus has announced the closing of Warburg Pincus Energy at $4bn, surpassing its fundraising target of $3bn and reaching the fund cap agreed with investors.

Warburg Pincus Energy will be a companion fund to Warburg Pincus Private Equity XI, a $11.2bn global private equity fund, which closed in May 2013.

Joseph P. Landy, Co-Chief Executive of Warburg Pincus, said: “We are pleased to announce the final close of our energy companion fund.”

Warburg Pincus Energy’s investors are leading public and private pension funds, sovereign wealth funds, insurance companies, endowments, foundations and wealthy individuals.  

“This successful fundraise reflects our strong track record and experience in energy investing globally as well as significant investor demand for the energy sector,” he added.

Warburg Pincus Energy was launched in November 2013 and held an oversubscribed first close in May 2014.

Warburg Pincus Energy will focus primarily on energy exploration and production investing in North America and across the globe including Africa, Asia, Europe and Latin America.

In addition to E&P, Warburg Pincus Energy will also pursue opportunities in the midstream, oilfield services, mining and power sectors around the world.

Warburg Pincus has been investing in energy for more than 25 years.

Since inception, the firm has invested and committed more than $9.5bn in more than 50 energy-related companies around the world.

Charles R. Kaye, Co-Chief Executive of Warburg Pincus, said: “Warburg Pincus has unparalleled experience and an unmatched global network in private equity investing in the energy sector. We have honed our approach over our decades of investing in the industry, enabling us to continue to find opportunities that will generate attractive rates of return for our investors.”