Carnelian Energy Capital Hits $600M Hard Cap With Second Fund

Jun 13 2017 | 11:29pm ET

Houston-based Carnelian Energy Capital Management has raised $600 million for its second fund focused on the lower-to-middle market oil and gas sector.

The new fund, named Carnelian Energy Capital II, closed at its hard cap, the company said in a statement. Like its predecessor, Fund II will make equity line-of-credit investments in the North American upstream, midstream and oilfield services sectors. The company’s first fund raised $400 million fund in 2015.

“We are sincerely grateful for the confidence and trust placed in us by our investors,” said Carnelian partner Tomas Ackerman in the statement. “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.”

No placement agent was used. Kirkland & Ellis LLP served as fund formation counsel, the company said.  


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