Cibolo Energy Management, an energy-focused private equity firm said that it has closed the $245m Cibolo Energy Partners I, L.P. fund.
Image: Onshore drilling. Photo: courtesy of Stuart Miles/Freedigitalphotos.net.
The inaugural fund reached $245 million (excluding affiliate investments) with an investor base composed of twenty-one leading corporate pension plans, asset managers, fund of funds, endowments and foundations, family offices, and high net worth individuals.
Together with affiliate investments and dedicated co-investment vehicles, Cibolo now manages over $300 million of committed capital.
Led by co-founders Justin Teltschik and JW Sikora, Fund I will target upstream and midstream companies seeking credit alternatives to finance growth via acquisition or accelerated development capital. Cibolo focuses on providing a structured solution that enables companies to access additional liquidity not available from traditional commercial banks.
Cibolo has partnered with three upstream portfolio companies to date and has a robust pipeline of investment opportunities that it is currently evaluating.
The core characteristics of the Cibolo strategy are (i) investing in top of the balance sheet securities, (ii) underwriting long life assets with existing production and cash flow that possess development upside, (iii) aggressive commodity hedging, and (iv) structuring proper risk alignment with its portfolio companies.
Source: Company Press Release