Canadian private-equity firm Annapolis Capital has garnered C$200 million for its latest energy-focused fund.

Calgary, Alberta-based Annapolis invests in Western Canadian energy companies, especially those involved in oil and liquids exploration and production. And while much has been made of Canada’s shale-oil reserves, Annapolis CEO Peter Williams told The Wall Street Journal he also sees “a significant pool of conventional opportunities.”

Williams said he expects to raise a total of C$300 million for the fund, which would double Annapolis’ assets under management to C$600 million. He said that most of the firm’s investors were institutional, primarily from the U.S.

Such investors “see a market in Canada that is vastly undercapitalized,” he said.

Annapolis’ investments range from about C$35 million to C$150 million.