The Financial Post reports in its Wednesday, Oct. 21, edition that Adam Waterous's Calgary-based Waterous Energy Fund, which manages three separate pools of capital, plans to raise about $1.4-billion for a fourth fund, matching the size of its third. The Post's Adam Rose writes that Mr. Waterous, when asked why he is launching another fund, said, "We"re out of money!" That is because his firm's third fund was fully exhausted of capital after its Greenfire Resources paid $1.3-billion to acquire a neighbouring oil sands producer this summer. The latest fund's goal, like the three that came before it, will be to deploy all its capital into building a single Canadian oil and gas company through mergers and acquisitions. Mr. Waterous's fourth time around stands out in a sector where Canadian private equity, according to him, has largely dried up. He estimates his firm has accounted for most of the private capital deployed by Canadian oil and gas private equity funds over the past nine years. "Money follows great returns," he said. "That's our Jedi mind trick. Great returns." Mr. Waterous says the fourth fund will be hard capped at $1.4-billion, regardless of demand.