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EnCap Investments is exploring a sale of Enduring Resources IV, a San Juan Basin oil and gas producer that could be valued at more than $4bn including debt. Jefferies is reportedly advising, with a sale process expected to launch in early 2027.

Energy Capital Partners, owned by Bridgepoint Group, agreed to sell Harvestone Low Carbon Partners to The Andersons for $915m. The deal adds about 215 million gallons of annual ethanol capacity and is expected to close in late 2026 or early 2027.

Blackstone reached a final close on Blackstone European Senior Direct Lending Fund IV (BXDE IV), with €13bn (£10.9bn) of investable capital across BXDE IV and other European direct lending vehicles, including anticipated leverage. The fund targets European borrowers with a focus on the middle and upper-middle market.

Red Reef has raised $263m for its second fund and is seeking $400m for Farmland Opportunities II.

Crescendo Equity Partners completed the first close of Crescendo Private Equity Fund IV, securing more than $350 million from overseas institutional investors against a $500 million overseas target within a $1 billion fund. The fund will acquire control of South Korean small and mid-sized technology companies focusing on semiconductors, B2B software and cybersecurity.

Ballistic Ventures is seeking $490 million across two new vehicles, a $360 million flagship fund and a $130 million second fund, according to regulatory filings. The cybersecurity-focused firm is led by Ted Schlein, a former Kleiner Perkins partner.