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Lime Rock Raises $1.9 Billion Fund to Retain CrownRock Interest

  • Deal is said to give backers a 24 times return on investment
  • Evercore served as financial adviser to Lime Rock Fund IV
A pumpjack operates on an oil well in the Permian Basin.

A pumpjack operates on an oil well in the Permian Basin.

Photographer: Daniel Acker/Bloomberg
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Lime Rock Partners, a Houston private equity firm, has raised a $1.9 billion fund to buy Permian Basin oil and gas producer CrownRock LP from another fund it raised 12 years ago, according to a statement Thursday.

The deal values CrownRock at $4.7 billion, according to a person with knowledge of the matter. The transaction generated a 24 times return on Lime Rock’s initial $97 million investment in CrownRock, said the person, who asked to not be identified because the matter isn’t public.