GIC is reportedly a prospective investor in the continuation fund, which values the South Korean gas manufacturer at $3.18 billion, up 13.5% from 2023.
Having already exceeded its previously stated offering amount, the fund is approximately 68% larger than its predecessor.
The oversubscribed vehicle holds 134,000 net royalty acres in the Permian Basin, generating approximately 37,000 barrels of oil equivalent per day.
The firm's fourth program closed at $472 million and will target lower-middle- and middle-market opportunities through secondaries, co-investments, and direct investments.
GCM Grosvenor, Ardian, StepStone, North Hudson Resource Partners, and Phoenix Insurance anchored the single-asset vehicle for energy infrastructure company Next Wave.
The Jefferies-advised deal extends the firm's ownership over a portfolio of properties from its 2015-vintage White Rock Fund II platform.
