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.
Recommended Reading
Texas LNG Export Plant Signs Additional Offtake Deal With EQT
2024-04-23 - Glenfarne Group LLC's proposed Texas LNG export plant in Brownsville has signed an additional tolling agreement with EQT Corp. to provide natural gas liquefaction services of an additional 1.5 mtpa over 20 years.
Report: Freeport LNG Hits Sixth Day of Dwindling Gas Consumption
2024-04-17 - With Freeport LNG operating at a fraction of its full capacity, natural gas futures have fallen following a short rally the week before.
US NatGas Flows to Freeport LNG Export Plant Drop Near Zero
2024-04-11 - The startup and shutdown of Freeport has in the past had a major impact on U.S. and European gas prices.
ARC Resources Adds Ex-Chevron Gas Chief to Board, Tallies Divestments
2024-02-11 - Montney Shale producer ARC Resources aims to sign up to 25% of its 1.38 Bcf/d of gas output to long-term LNG contracts for higher-priced sales overseas.
Freeport LNG Says Trains 1, 2 at Texas Facility May Shut Until May
2024-03-20 - Freeport LNG on March 20 said its Train 2 liquefaction unit at the Texas plant has been shut down, while Train 1 will be taken down imminently as it expects inspections and any subsequent repairs at both the units to be completed by May.