Andros Capital Partners LLC on June 7 unveiled a new mineral platform following an initial acquisition of mineral and royalty for $122 million.

According to a company release, Andros Minerals LLC, the firm’s newly launched direct mineral and royalty acquisition platform, entered an agreement with an undisclosed private seller to acquire a portfolio located in the Eagle Ford Shale and Permian’s Midland and Delaware sub-basins.

“We are excited to establish Andros Minerals as a direct mineral and royalty acquisition platform with this initial acquisition,” Andros Founder and Managing Partner Phillip A. Gayle Jr. commented in the release.

Andros Capital Partners is a private investment firm based in Houston that targets private equity investments, credit opportunities and direct asset-level investments across the energy sector.

The firm closed its inaugural fund at its $250 million hard cap in August 2020. At the time, Andros said it was primarily focused on middle-market transactions requiring between $25 million and $200 million of equity, with an ability to make much larger commitments through co-investments from its limited partners.

“A tremendous amount of private capital has been invested in minerals over the past decade and is looking for an exit,” Gayle added in the release. “We believe we are uniquely positioned as the appropriate long-term owner of these assets and will continue to acquire and aggregate mineral and royalty interests at scale across the most active U.S. basins.”

Gibson Dunn & Crutcher LLP acted as legal counsel to Andros for the transaction.

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