New York City–based private equity firm Warburg Pincus is mulling the sale of five of its eight international oil and gas investments, sources familiar with the matter have told Reuters.
Warburg Pincus has invested some $13 billion into energy over the past decade, largely in North America. According to Reuters, a significant minority of Warburg Pincus’ investments have focused on assets in Africa, Asia and Eastern Europe — which are no longer seen as core.
The decision comes amid an unprecedented collapse in gasoline demand in the United States caused by the novel coronavirus pandemic, which has forced Americans to isolate in their homes for weeks.
According to CNN Business, at the height of the crisis, traffic in major U.S. cities fell to 83 percent below normal levels.
Warburg Pincus has more than $54 billion in assets under management.
