07:48 AM EDT, 03/31/2025 (MT Newswires) -- Waterous Energy Fund has raised nearly US$1 billion to invest in Canada's oil-and-gas sector, as the private-equity firm plans to repeat with another producer a consolidation strategy it followed with Strathcona Resources ( STHRF ) in its previous fund, The Wall Street Journal reported Monday.

The WSJ said the Calgary, Alberta-based firm has wrapped up its Waterous Energy Fund III with 1.4 billion Canadian dollars, equivalent to about $978 million, virtually the same amount it collected for its debut fund that closed in 2018 and was invested entirely in Strathcona. It noted Waterous raised an additional C$700 million to fund Strathcona's acquisitions.

Waterous, The WSJ noted, last year acquired a majority stake through two separate stock purchases in publicly-traded Greenfire Resources ( GFR ) , an oil-sands operator in Alberta's Athabasca region. The investment was the firm's first from the new fund and accounted for roughly 30% of the fund's capital, said Adam Waterous, the private-equity firm's managing partner and chief executive.

Waterous Energy has appointed six new members to Greenfire's board and a new president, while Adam Waterous became the company's executive chairman, a position he also holds at Strathcona.

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