HitecVision set to raise 1.5bn euros

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The Independent Online

HitecVision, the oil and gas private-equity group, is preparing to raise a 1.5bn euro fund for its next round of investments.

Credit Suisse has been hired to raise the fund, which will be the Norway-based private-equity group's sixth. HitecVision's last fund was raised in 2008 and its investments included Reef Subsea, a Surrey-based services contractor.

An industry source said that the pre-marketing phase, when potential investors are sounded out about a fundraising, "hasn't really started yet". However, first close, which is when a fund has enough committed money for the buyout group to start spending, could happen later this year.

A number of buyout groups are looking to raise money. London-based Cinven and Apax Partners are currently raising cash, while Permira is said to be readying a September launch for a 6.5bn euro (£5.8bn) fund.

It is also thought that Formula One owner CVC Capital Partners will look for a new fund at some point next year.