Covalence Investment Partners, a new firm founded by two former executives of Warburg Pincus, is seeking $750m to invest in the oil patch, pitching its debut fund as an opportunity to buy mature fields at bargain prices.

David Habachy and David Krieger, who launched Covalence early this year, both previously worked as managing directors at Warburg and led investments in oil and gas for the New York private equity firm, according to a fund-marketing presentation viewed by WSJ Pro Private Equity, a fellow Dow Jones Group title.