Carlyle seeks to raise $1 bln for new energy fund

Carlyle Group, the world’s largest private equity firm, is raising up to $1 billion for a new fund to invest in oil and gas outside the United States as a stronger outlook for oil prices rekindles investor appetite, banking sources said.

The new vehicle comes after Carlyle International Energy Partners (CIEP), the group’s overseas energy investment fund set up in 2013, nearly exhausted its $2.5 billion warchest following a number of high-profile deals.

CIEP managing directors Bob Maguire and Marcel van Poecke met investors during a roadshow in the United States in recent weeks to raise interest in the new fund, several banking sources told Reuters.

The new fund will be used to create a New York-listed specialpurpose acquisition company, or SPAC, that focuses on investment in oil and gas exploration and production outside the United States.

The fund will be called Regalwood Global Energy Ltd, according to a filing to the U.S. Securities and Exchange Commission from Oct 2.

It is expected to be launched next year, the sources said.

A Carlyle spokeswoman declined to comment.

According to the filing, the initial public offering will seek to raise $345 million while CIEP will put an additional $250 million into the fund in a private placement. (RTRS)