OFS Energy Fund (OFS) has closed on an increase in the committed capital to OFS Energy Fund II. OFS was seeking to increase the size of Fund II from $90 million to $130 million in order to support existing Fund II portfolio company growth initiatives.
The $40 million tranche was offered to existing Fund II investors pro rata and was oversubscribed. OFS is now actively managing a combined $305 million across Fund II and Fund III. OFS raised the follow-on commitments in order to continue to grow Fund II’s six active portfolio companies for the remainder of Fund II’s life.
The first transaction funded using these additional commitments has already been closed as Fund II invested additional equity into Davis Chemical Services in October. Another Fund II portfolio company currently has a significant acquisition under signed letter of intent that is expected to be funded using the additional commitments in early December.