Investment funds boost E&P

PRIVATE equity funds are playing an increasingly important role in the region's energy sector. Propelled by investors who are less anxious about short-term results, the funds are welcomed by companies that are tired of being punished by temperamental public equity markets. In the 18 months to mid-2002, nine energy-specific funds (in the US and Canada) raised $4.18bn and four general equity funds with significant energy interests raised another $12.5bn, says the New York-based investment bank, Cosco Capital Management. Cosco, whose business includes trans-border financings between the US and Canada, estimates private Canadian investment funds have risen in size from $60m three years ago to ab