Energy Fund Raises C$1.4B for Canadian Oil & Gas Investments

Waterous Energy Fund Closes Third Private Equity Fund at C$1.4 Billion

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03/31/2025 - 08:00 AM

CALGARY, Alberta--(BUSINESS WIRE)-- Waterous Energy Fund (“WEF”) today announced the final closing of its third private equity fund, Waterous Energy Fund III (“Fund III” or “the Fund”) at the stated target of C$1.4 billion (~US$1 billion).

For Fund III, WEF will continue to pursue its value-based investment strategy in the Canadian oil and gas sector. WEF believes that a concentrated portfolio of scaled businesses with established, high-quality, and geographically adjacent assets is the most effective way to compound long-term intrinsic value per share while maintaining a margin of safety.

Adam Waterous, Managing Partner and Chief Executive Officer of WEF, said, “We are deeply grateful for the trust and confidence the Fund’s investors have placed in both our team and strategy. We are honoured that most of the Fund’s capital comes from our longstanding partners and are thrilled to welcome new partners into the Fund as well. We believe our track record has validated our investment thesis, and we remain confident in our ability to continue executing our strategy.”

To date, WEF has invested approximately one third of the Fund’s capital in Greenfire Resources Ltd., an Athabasca thermal oil production company.

Bennett Jones LLP and Mayer Brown LLP served as legal counsel to WEF in the formation of Fund III.

About WEF

Founded in 2017, WEF is a Calgary-based private equity firm pursuing investments in the Canadian oil and gas sector. WEF has closed on over C$3.4 billion in capital commitments across five distinct fundraises since its inception, positioning WEF as Canada’s largest oil and gas private equity manager. WEF’s current portfolio includes Strathcona Resources Ltd. (TSX:SCR), Canada’s fifth largest oil production company, and Greenfire Resources Ltd. (TSX and NYSE: GFR), an Athabasca thermal oil production company. For additional information, see www.waterous.com