Energy Spectrum Capital, which focuses on energy infrastructure, announced the final closing of its eighth venture capital fund on May 8 with total capital commitments of $969 million.
The Dallas-based venture capital firm said its eighth fund, Energy Spectrum Partners VIII LP, will continue to invest primarily in midstream assets within the energy industry. Midstream assets include oil and natural gas gathering and transportation systems, processing and treating plants and storage facilities.
“In the current environment, we believe we are well-positioned to identify high-quality midstream assets and take advantage of opportunities amid the significant price dislocations in the current market,” Thomas O. Whitener Jr., president and founding partner of Energy Spectrum Capital, said in a statement on May 8.
Since its inception in 1995, Energy Spectrum has raised more than $4.5 billion of equity capital and has sponsored 63 portfolio companies to date. The firm focuses on making direct investments in lower middle market companies that acquire, develop and operate midstream energy assets in the U.S. and Canada.
The firm’s latest fund has so far committed to four new portfolio companies and has a fifth in documentation. Three of the four existing companies are led by management teams with whom Energy Spectrum has successfully partnered previously.
Energy Spectrum said in its company release that a diverse mix of 82 limited partners committed to the fund including private and public pension funds, insurance companies, university endowments, foundations and family offices.
Baker Botts LLP served as legal counsel for the fund.
Recommended Reading
Midstream M&A Adjusts After E&Ps’ Rampant Permian Consolidation
2024-10-18 - Scott Brown, CEO of the Midland Basin’s Canes Midstream, said he believes the Permian Basin still has plenty of runway for growth and development.
Post Oak-backed Quantent Closes Haynesville Deal in North Louisiana
2024-09-09 - Quantent Energy Partners’ initial Haynesville Shale acquisition comes as Post Oak Energy Capital closes an equity commitment for the E&P.
Analyst: Is Jerry Jones Making a Run to Take Comstock Private?
2024-09-20 - After buying more than 13.4 million Comstock shares in August, analysts wonder if Dallas Cowboys owner Jerry Jones might split the tackles and run downhill toward a go-private buyout of the Haynesville Shale gas producer.
Aethon, Murphy Refinance Debt as Fed Slashes Interest Rates
2024-09-20 - The E&Ps expect to issue new notes toward redeeming a combined $1.6 billion of existing debt, while the debt-pricing guide—the Fed funds rate—was cut on Sept. 18 from 5.5% to 5%.
Dividends Declared Sept.16 through Sept. 26
2024-09-27 - Here is a compilation of dividends declared from select upstream, midstream and service and supply companies.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.