LONG GAME: Private Equity Energy Funds Continue to Raise Capital

private equity

Energy-focused private equity funds are still raising capital from pensions, insurance companies and sovereign funds, despite the precipitous fall in oil prices. Founded by Kenneth A. Hersh, NGP Energy Capital Management (NGP) recently closed US$ 5.33 billion for NGP Natural Resources XI, a fund that will target oil and gas production, oil field services and energy midstream sectors. NGP Natural Resources X had a close of US$ 3.59 billion in 2012. The Carlyle Group owns 55% of NGP’s revenue.

Five Point Capital Partners LLC

Energy investor David Capobianco, managing partner of Texas-based Five Point Capital Partners LLC, has raised capital for a fund that focuses on midstream energy infrastructure. Five Point Capital Midstream Fund I and II L.P. recently closed at US$ 450 million. Capobianco was previously co-head and co-founder of Paul Allen’s private equity unit at Vulcan which earned a handsome profit from the buyout of Plains Resources Inc., a company that owns pipelines throughout North America. The deal was lucrative, and after an acrimonious departure with Vulcan, followed by several lawsuits, he founded Five Point in 2011.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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