During the past 18 months, there has been an unprecedented build-up of equity capital. Cosco Capital Management recently polled 22 private-capital sourdces. During the 18-month period, nine energy-specific equity funds have raised US4.6 billion, and four general equity funds with significant energy interest have raised US12.5 billion more. Three additional energy-specific funds currently remain in the market for another US1.4 billion, hoping to close by year-end. This would bring the total new capital available from these 16 funds to more than US18.5 billion.
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