Amid depressed valuations and declining exits, deal activity in the energy sector was already experiencing a slowdown over the past few years. But the current downturn—one of the worst in the history of oil and gas—has left capital providers grappling. However, despite significant slowdown in deal activity, several private-equity investors have managed to close new funds while others are looking at new ways to take advantage of potential investment opportunities.

Beating the odds

Houston-based Andros Capital Partners LLC closed its inaugural $250 million fund in August to target investments across the energy sector. The firm is considering “private-equity investments, credit opportunities and direct asset-level investments” for the Andros Energy Capital LP fund, which is primarily focused on middle-market transactions requiring between $25 million and $200 million of equity.

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