Newly public EQV Ventures Acquisition Corp. has $350 million in cash to deploy in E&P and midstream M&A.

The special-purpose acquisition corporation (SPAC) sold 35 million units at $10 each on Aug. 6 and began trading on the NYSE as EQVU on Aug. 7.

With SPACs, the IPO proceeds are put in escrow representing $10 per unit until deployed in an acquisition, typically within 24 months of pricing.

The Park City, Utah-based SPAC’s sponsor is EQV Group in Oklahoma City, which has non-op interests in more than 1,500 wells in 10 states operated by 75 producers. The wells’ output is 38% liquids.

BTIG LLC was the IPO’s book-running manager. It has 45 days to purchase up to 5.25 million additional units to cover over-allotments.

M&A

Behind EQV is a group of energy investors, financiers, dealmakers and a landman—all which reported in the SPAC’s S-1 filing in June that they plan to be active in E&P and midstream M&A.

“We believe that there is a unique and timely opportunity to achieve attractive returns by acquiring established E&P and related midstream assets within overlooked basins with significant proved developed producing [PDP] asset bases that have limited geologic and operational risks,” EQV Ventures reported in the filing.

The M&A targets are weighted to PDP reserves in the U.S. or Europe, it added.

“We believe that aging private-equity funds in need of liquidity will drive significant E&P sales over the next several years,” EQV said.

Its data show “approximately $75 billion of private upstream assets held by aging private-equity funds that may require liquidity over the next five years.”

Management

Management consists of CEO Jerry Silvey, who is also chairman and CEO of sponsor EQV Group. Prior, Silvey worked at Magnetar Capital in energy and infrastructure and at RBC.

Tyson Taylor, president and CFO, is president of EQV Group and worked with Silvey at Magnetar. Prior, he was with Star Peak Corp. II, a SPAC that bought Benson Hill Inc., and worked at another SPAC, Star Peak Energy Transition Corp., which bought Stem Inc.

Mickey Raney, COO, holds that position at EQV Group. He co-founded energy investor Impact Energy Partners and began his career in 1980, drilling and completing wells for Hunt Energy Corp. in Oklahoma and Wyoming.

Danny Murray, chief accounting officer, began his career in accounting at Chesapeake Energy Corp.

Grant Raney, executive vice president, is vice president of land at EQV Group and co-founded Impact Energy Partners. Prior, he worked in land for Chesapeake.

Andrew McKinley, chief strategy officer, is head of business development at EQV Group. Prior, he was with investment bankers William Blair & Co. and Credit Suisse.

Will Smith, chief investment officer and a partner in EQV Group, was with private-equity investor Tailwater Capital and Bison Water Midstream; alternative capital provider Crestline Investors Inc.; and in the global natural resources group at Goldman Sachs.

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