Michael Mitchell, a vice president of Energy Spectrum Capital, is today’s featured Forty Under 40 honoree.
“Achieving a final closing for Energy Spectrum’s last fundraise was a challenging, but rewarding, experience,” Mitchell said.
Energy Spectrum manages funds that follow a venture capital strategy and make direct investments in lower-middle-market companies that acquire, develop and operate North American midstream energy assets. Since inception in 1995, the firm has successfully raised over $4.5 billion of equity capital commitments, with a diverse limited partner universe including private and public pension funds, insurance companies, university endowments, foundations and family offices.
In April 2020, Energy Spectrum closed its eighth midstream venture capital fund (“ESP VIII”), amounting to $969 million, which the firm is currently investing.
“Although it was my first fundraise,” Mitchell said, “it was Energy Spectrum’s eighth, and that experience coupled with the firm’s existing relationships were the keys to our success.”
Mitchell noted that even with the variety of headwinds facing the industry when Energy Spectrum kicked off the fundraise process in 2018, the onset of COVID-19 in 2020 effectively halted capital raising efforts across the market.
“However, we were fortunate to complete our fundraise process in April 2020, and I was extremely proud of the efforts of the team to close out the fund during such a challenging fundraising environment,” he said. “The team demonstrated grit, perseverance and forward thinking in accomplishing its goal of successfully raising our eighth fund.”
Mitchell joined Energy Spectrum in 2014 and his responsibilities currently include conducting financial due diligence, execution and monitoring investment performance.
Prior to joining Energy Spectrum, he was an investment banking analyst in the Global Natural Resources Group at RBC Capital Markets, where he focused primarily on public capital raises and M&A advisory within the energy industry. He began his career in energy lending with Amegy Bank of Texas in Houston and holds a Bachelor of Business Administration degree in Finance from Texas A&M University.
U.S. oil rigs rose 11 to 492 this week, their highest since April 2020, while gas rigs rose two to 109, their highest since March 2020.
Noble Energy Inc. shareholders approved the pending merger with Chevron Corp. and all other proposals related to the Merger at Noble Energy’s Special Meeting of Shareholders held on Oct. 1.
The dispute has led to years of brinkmanship with both sides promising to protect their resources and warning about encroachment.