ANNAPOLIS CAPITAL LIMITED

Thesis

The firm specializes in early to growth-stage investments within the Canadian upstream oil and gas sector, with a primary focus on start-up and early-stage exploration and production companies. They also consider mature oil and gas opportunities and publicly traded companies. Their strategy aims to generate above-average risk-adjusted returns over a medium to long-term horizon of three to seven years by investing in companies with exceptional management teams, cost-effective reserve development, and conservative capital structures. Annapolis Capital prefers larger investments, typically ranging from $5 million to $50 million per single investment, in a limited number of companies, often seeking board representation. They actively invest both equity and debt capital. The firm has raised a total of $750 million since inception across eight private equity funds and one public equity fund. As of December 2014, Annapolis Energy Fund VII closed at $300 million. Fund VII and Fund VIII are currently managing $300 million and $78 million respectively, with the Public Opportunities Fund II managing $26 million. They have made over 45 investments to date, with over 80% being private companies.