Investment Criteria

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Transaction Type

After Investment

Finding Non-Marketed
Relationship Deals

Returning Cash Flow
to Investors

Sell After
~5 Years

  • Ability to hedge-in a robust base return, with substantial downside protection
  • Pursuing new financings in areas with little access to current capital markets
  • Pursuing financings at valuations supported by producing reserves and current cash flow
  • Non-marketed relationship deals
  • Niche transactions in the distressed and special situations space
  • Transactions where the majority of overall invested capital is returned through asset cash flow over a medium-term hold period

Transaction Size

Typical Fulcrum Investment Of

$10 – $25M

with exceptions

Transaction Values Typically Up to


for initial platform

Opportunity Set

Underserved space in lower middle market oil and gas finance

Capital intensive industry given asset heavy nature of the business

Large wave of M&A, debt maturities, and capital requirements on the horizon

Strategic situations where flexible capital solutions are differentiated and existing capital providers are too large and over-specialized

Denver is an underserved market for energy private equity capital relative to the number of oil and gas companies in the Rocky Mountain region


  • Top-tier oil and gas basins that are economic in a lower price environment
  • On-shore assets in North America
Current Investment Areas

Other Key Criteria

Production and cash flow support valuation

Structuring downside protection through commodity price hedging, amortization mechanisms, covenant protections, etc.

Quality management teams

Creative deal structures

Potential for operational enhancements at the asset level