DENVER, March 17, 2014 /PRNewswire/ -- Altira Group ("Altira") is pleased to announce the final closing of Altira Technology Fund VI LP ("Fund VI") in a partnership with a select group of US super independent oil and gas companies and private institutional investors with deep energy backgrounds. Fund VI was formed with a strategy of actively collaborating with oil and gas companies as investment partners. With approximately $30 billion in combined annual capital spend, Altira's industry partners will help validate products and services, and serve as prospective customers for the fund's portfolio companies.
"We are extremely pleased to be partnering with the oil and gas leadership that has transformed the American energy landscape and we look forward to their support in identifying and growing tomorrow's technology and service leaders in the oilfield," said Dirk McDermott, Managing Partner of Altira.
Fund VI will focus on venture growth investments in oilfield technology and advantaged service companies. Fund VI will invest in businesses with offerings that can be quickly adopted and scaled with our oil and gas partners, and will primarily address the challenges of the unconventional plays in North America. Fund VI has made its first investment in Infrastructure Networks, Inc., a Houston-based communications services company which is deploying secure 4G LTE private networks across the major oil and gas basins in the US.
Fund VI builds upon Altira's long history of recognizing and successfully investing in innovative oil and gas companies that become leaders in their respective disciplines. Prior fund investments include RigNet, Inc., a premier oilfield communications firm and now an $900 million public company, and MicroSeismic, Inc., the world leader in surface based frac monitoring and completions. Altira was the initial lead investor in both of these companies.
SOURCE Altira Group