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LONG GAME: Private Equity Energy Funds Continue to Raise Capital

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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. ]

GIC Raises Stake in China Oilfield Services

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On November 14 2018, Singapore’s GIC Private Limited acquired 2,982,000 H- shares in China Oilfield Services Ltd at an average price of HK$ 6.9883. GIC increased its ownership in China Oilfield Services to 9.07% from 8.91%. China Oilfield Services is an oilfield services company. It is a majority owned subsidiary of Chinese state owned company CNOOC Group.

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Carlyle Group Completes Deal on 19.9 Percent Stake in Fortitude Re

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More private equity firms are scooping up reinsurance assets. The Carlyle Group finalized its acquisition of a 19.9% stake in Fortitude Group Holdings, LLC, whose group companies operate as Fortitude Re (formerly DSA Re) from American International Group, Inc. (AIG) The transaction was first announced on August 1, 2018. Part of this deal included Fortitude Re inking an investment management agreement (IMA) whereby US$ 6 billion of assets will be committed into a variety of Carlyle investment strategies.

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RDIF, Indorama Corporation, and Yadran Oil Ink Joint Investment in Tartarstan

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The Russian Direct Investment Fund (RDIF), and Singapore-based Indorama Corporation Pte Ltd, a chemical corporation in Asia, and JSC Yadran-Oil, the company authorized by the Government of the Republic of Tatarstan, have agreed to jointly implement investment projects in Russia. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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