Falling oil prices have ignited much discussion as to energy futures as of late. Here at PitchBook, our thoughts turn to how that may affect oil & gas PE fundraising. Perhaps lower commodity prices will lead to abundant discounts from sellers, resulting in optimistic fundraising; on the other hand, investors may be wary of committing to funds reliant on oil prices. For some context, let’s take a brief look back at energy fundraising in 2014, with the three biggest oil & gas funds to close this year.

As the third largest fund, we have KKR Energy Income & Growth Fund I at $2 billion—a fund that will focus on more unconventional oil & gas resources.

Following up at No. 2 is Encap Flatrock Midstream Fund III at $3 billion, which closed in May.

Coming in as the largest closed fund is First Reserve Fund XIII, closing just north of $3.5 billion at the end of September.