Kayne Anderson Capital Advisors LP will consolidate its two energy private equity (PE) teams and one of the managing partners, Chuck Yates, will exit the firm, a source familiar with the matter told Reuters.
The shakeup at one of the largest private equity investors in oil and gas comes as the coronavirus outbreak ravages the energy industry, with oil prices plunging below zero for the first time last month.
Kayne Anderson has been involved in private energy investing since 1992 and its energy focused funds have raised nearly $8 billion capital, investing in more than 100 companies. It currently holds interests in about 20 firms.
Yates, who was previously senior vice president at privately held financial services firm Stephens Inc., joined Kayne Anderson in 2001.
Kayne Anderson could not be reached for comment, while Yates did not immediately respond to a request for comment on networking platform LinkedIn.
The source also said managing partner Mike Heinz is expected to stay with the fund.
Ryan Sauer, managing director, and Mark Teshoian, senior managing director, will help with the running of the energy funds, according to the source.
Diamondback Doubles Asset Sales Target to $1B, Reveals More Midland M&A
2023-02-24 - The Permian pure play is selling off midstream assets and upstream leasehold that can’t compete for capital in the company’s portfolio, Diamondback Chairman and CEO Travis Stice told investors.
Ovintiv Takes an ‘Encouraged but Measured Approach’ to 2023 Drilling, M&A
2023-03-04 - After a year of expansion in 2022, Ovintiv plans on a positive but cautious approach to M&A while bringing wells online in the Permian, Montney, Rockies and the Anadarko this year.
There and Back Again: Rick Muncrief and Devon Energy’s Permian Journey
2023-01-03 - President and CEO Rick Muncrief details Devon's course since its merger with WPX Energy; its deals in the Eagle Ford and Bakken; and the almighty dividend.
M&A Drives Crestwood Equity Partners Q4 Earnings
2023-02-23 - M&A activity drove Crestwood Equity Partner’s 2022 fourth-quarter earnings, but the company said it will not be a priority in 2023.
Hess Corp. Reports Fangtooth SE-1 Find, Sets 2023 Capex Budget at $3.7 Billion
2023-01-24 - New York-based Hess Corp. announced a new discovery offshore Guyana and set its 2023 E&P capital and exploratory budget at $3.7 billion, of which more than 80% will be allocated to the Bakken and Guyana’s Stabroek Block.