Top energy PE funds
Anyone know what the current energyPEranking is? I know NGP, First Reserve, and Riverstone are the largest along withMFs, but not sure if things have changed. Also, which banks place the best into top energy PE?
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Comments (32)
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In terms of placement, all of the topBBs(GS, MS, Barc,JPM,CS,Citi) and the top boutiques (Jeff, EVR, TPH, Intrepid) will give you great looks at anyPEfund.
What are exits like for Intrepid?
Don't know all but believe within last 2-3 years they've had Riverstone,KKR, GIP, Quantum,Citadel. Have had some other LMM exits and believe anotherHFexit.
Those are some serious exits - how would you compare their exits to a shop likejefferies
Yea, their exits are insane and its crazy that they are relatively unknown outside of O&G. Exit opps at JEFF will be similar to Intrepid but IFP may have the edge overall in terms of exiting because both shops will give you looks at any traditional energyPEfund, while IFP's strength in midstream gives good opportunities for infra recruiting.
As an aside, and someone at neither shop, most people I know would prefer IFP at the junior level because of better culture, similar top of the street pay, and equal to better exit opps.
Not OP but isnt jeff pretty active in midstream too with their group head Bowden's relationships? And their restructuring of the power uts group falling under the global energy team now? So not sure how big of a difference there is interms of midstream presence between the 2 banks
Can understand the preference to IFP from a culture standpoint
Agree with your points. JefCo has a pretty good to excellent midstream team - was on like 2 multi-billion dollar (roughly 14 bil total) deals just last month or something. Plus the integration of the PUI team has led to more infra/esg stuff for the Houston team. Also, the pay at Jefferies is at the top of the street.
The only reason one should choose Intrepid over Jefferies is if they vibe more with that culture. Intrepid's more fratty whereas I would say Jefferies is a bit more on the nerdier side.
What would u say is rough all-in pay at JefCo Houston for Analysts? Heard some retarded numbers thrown on this site for Analysts so just curious
This year first years made close to 200k all in and second year was around 240k from what I heard. I would say this is in line with previous Jef HOU numbers (maybe a little lower) and as I said above, puts the group at the top of the street.
From friends, those numbers are lower than IFP.
In my opinion, if focused on energyIBin Houston, there are two logical reasons that one would turn down Jefferies
1) you know that you will struggle with the culture/workload (although any other top group will likely only be marginally better)
2) you want a brand name that can help you recruit for jobs outside of energy (Evercore comesto mind)
TPH (arguably) has a better culture than Jefferies if you are interested in staying in energy long-term. Don't really think anyone that is well informed is choosing Intrepid over Jefferies unless you have personal connections and/or vibe well with the culture there like the previous poster alluded to. Jefferies has also been making a foray into the energy transition space, which should broaden the experience for an analyst who can manage the office politics well enough to get *some* exposure. The top analysts fromGS/MS/JPM/Citi/CSshould also have an easier time recruiting for roles outside of energy than some of the other large groups in Houston.
To answer the OP's other question regarding energyPEfunds themselves -
First Reserve and Riverstone were strong brand names (historically) but are not places that you want to be targeting as an aspiringPEAssociate if you can help it. There are still some very smart people at those shops but they are likely in some way entrenched due to their individual situations (especially if VP and up) and would most likely tell you the exact same thing if they were to give impartial advice. The returns just haven't been there over the last decade...
NGP is in a bit of a state of flux right now. They are pushing their energy transition mandate pretty heavily but still have some sizable oil and gas investments/platforms that will likely be around for the foreseeable future. They can still raise money for traditional energy, but as an outsider, it remains to be seen where they end up going with things in the mid-to-long term. I view EnCap in a similar light to NGP. They will definitely still find ways to raise money for traditional O&G (and have actually really had to lean in to try to deploy the dry powder from their most recent fundraise) but are also heavily focused on diversifying into renewables. Both funds should provide a solid Associate experience but your long-term prospects (and upward mobility) at both funds will be predicated on if they are successful in implementing their ET strategies or the wholesale return of traditional energy investing (remains to be seen if this will happen). If the latter happens, my sense is that both of these Texas-based funds will likely be more inclined to leg back in before the NYC-basedMFgroups do.
Quantum has probably done the best in traditional energy investing over the last 5 or so years. They still have dry powder and can definitely raise more. They've also done a solid job of supplementing their traditional platform with investments in "energy tech" and energy transition. Working there should also provide a solid learning experience but will be far sweatier than First Reserve, Riverstone, or NGP/EnCap.
Apollo and Blackstone are pretty much gung-ho on shifting the focus of their current "traditional" energyPEgroups to investing primarily in energy transition. Warburg has publicly said more of the same, however, they do have a few legacy platform deals in O&G that will likely require more management and selective supplemental investment over the near-to-medium term. Pretty sureKKRis headed in the same direction. They just finished the arduous, years-long process of effectively rolling up the lion's share of their E&P portfolio through theContango/Independence transaction. Carlyle and Bain Cap have hardly played in the space as of the last couple of years, and if they have, it has been through joint ventures or with an infra or special situations twist.
Is GS' energy group any good?
They're respectable. They don't dominate the league tables / have the same reputation in Houston as they do inNYC,但仍然非常respectable shop.
They've crushed it since the start of COVID and exit opps are solid but culture is very bad.
.
By "Energy", do you mean O&G focused funds, are you open to broader energy infrastructure (energy, gas generation, transmission, renewables, etc).
Most energy funds are diversifying heavily. Happy to give some examples once I'm more clear on the ask.
Looking at energy infra
在这种情况下,您可能会看到一个变化ety of power deals rather than O&G in today's market.
I'm at a large power + renewables focusedPEshop, and I predominate transact on energy infra (renewables, gas, storage, transmission, etc). If you look at comparable firms, such as ECP, you can see most traditional energy investors are changing course.
If you go broader infra, which is doable with an energy banking background, you can expect to ask transact across transportation and digitalization (data centers, fiber, etc).
Returns have been very rough across the board so if you're looking for reliable carry, choose a different area to invest in. TBD how all these energy transition funds perform. I've also heard the theory floating around recently that traditional midstream assets are offering the best risk/return profile at the moment because there's less competition for quality assets with so much LP money going into energy transition funds instead.
Kayne Anderson
Harvest is an MLP part ofBX. They're more of aHFthough.
I'm currently an analyst at a renewables developer (25-35GW developed, one of the largest in the US). Primarily focusing on construction/term debt capital raising pre COD and then equity and tax equity post COD.
Is my background attractive toMFInfrastructurePEvs aBBpower and utilities coverage guy?
Moving to aBBPower/Utilities/Infra group after a couple years at a developer then moving from there to InfraPEis completely doable. Obviously going to a topBBand then aMFwould be difficult, but your chances are not zero assuming you have a decent undergrad background.
First Reserve got crushed during Covid and heard they were struggling to raise their latest fund.
Did Encap have layoffs and did they close the Dallas office? Are upstreamPEfunds merging their own portcos bc there are no exits?
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