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Carnelian Energy holds $600m final close

by Jody Barhanovich

Carnelian Energy Capital Management, an energy investment firm based in Houston, Texas, has held the single closing of its oversubscribed second fund, Carnelian Energy Capital II, at the fund’s hard cap of $600 million.

“The energy landscape continues to present attractive opportunities, and we believe our focused approach of partnering with a limited number of management teams in the underserved lower-to-middle market oil and gas sector will continue to generate top-tier, risk-adjusted returns,” said Tomas Ackerman, partner at Carnelian.

With $1 billion of cumulative equity commitments, Carnelian focuses on equity line-of-credit investments in the North American upstream, midstream and oilfield services sectors. The firm’s inaugural $400 million fund closed in 2015 and includes partnerships with Bison Oil & Gas Partners, Bison Oil & Gas Partners II, Grit Oil & Gas Partners, OneEnergy Partners, Percussion Petroleum, and Shot Hollow Partners, among others.

“Carnelian’s model is dedicated to being collaborative, value-additive and highly responsive, yielding a differentiated experience for our portfolio company partners,” said Daniel Goodman, partner at Carnelian.

Kirkland & Ellis served as fund formation counsel. Carnelian did not engage a placement agent for the formation of the fund.

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