Scoop: Westbeck fund raises $10M as oil prices surge
Illustration: Aïda Amer/Axios
Westbeck Capital Management raised just over $10 million in additional funding for its Energy Opportunity Fund, Megan reports.
Why it's the BFD: As global oil prices skyrocket, Westbeck needs to deepen its coffers to remain competitive.
Context: Westbeck Capital Management is a London-based commodities-focused hedge fund managed by Jean-Louis Le Mee and William Smith. It launched its Energy Opportunity Fund with $100 million in 2016.
Driving the news: According to SEC documents filed Friday, Westbeck's Energy Opportunity Fund raised $10,050,000 from unnamed investors.
State of play: As oil prices tick up globally, commodities funds stand to have a lucrative pay day after a bumpy few years.
- Bloomberg reported March 4 that Westbeck Capital Management predicted prices would rise above $200 per barrel. As of Friday, prices remained around $111 per barrel.
Be smart: Westbeck is putting its money where its mouth is and betting that another $10 million in its fund could double over the next several months.
Westbeck did not return Axios' request for comment.