EnerVest was originally created in 1992 and the purpose of EnerVest was to raise private equity and to acquire assets. Basically it's a flip-that-house model; acquire assets, develop them, fix them up, enhance them, and then sell them. We had a great track record of doing that. We've generated, on the private equity side, annualized returns of around 35% on our closed fund.
But one thing we wanted to do is we wanted to have more staying power. We would tend to buy ourselves in assets, generate good returns, and then sell out basins. And when you do that you lose a lot of your expertise, you lose a lot of your leverage with service providers and others in those basins. And so, we created EVEP as more of a long-term play in some of these basins.
If you combine EnerVest, the private equity business, with the public company, we have about 2.4 Tcf of proved reserves, about 370 million cubic feet, and about 3.6 million of acres under lease. That's actually prior to some acquisitions that we announced just about a week and a half ago, and we've done over $4.5 billion of acquisitions since inception. So there is a lot of size and lot of scale tied to EnerVest. And again, EVEP is one of the partnerships that EnerVest manages.
Our most recent private equity fund raised $1.5 billion in equity and if you put some debt with that, we have about $2.2 billion of spending power on the private equity side. Well, that's a private equity business. How does that benefit EVEP? One of the ways is that EVEP benefits from a lot of different deal sources. Of course, EVEP gets – it gets deals from the industry. It's out in the market every day looking at opportunities.