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The Energy Opportunity Putting Private Capital to Work in a Transformed North American Oil & Gas Market

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The Energy Opportunity Putting Private Capital to Work in a Transformed North American Oil & Gas Market Premium Content Exclusively for Privcap Subscribers PRIVCAP In-depth Analysis From Privcap.com REPORTS/ Q2 2014 The Energy Opportunity Putting private capital to work in a transformed North American oil & gas market Market Intelligence From: Riverstone Holdings ArcLight Capital Pine Brook Partners Group PLUS download our Ardian bonus in-depth Fermaca data presentation Trilantic here Zurich Alternative Cambridge Associates On Privcap.com In Case You Missed It... Must-see thought leadership from Privcap.com Do You ‘Calibrate’ Your Valuations? Pensions and Private Equity How Secure is Your Firm’s Data? The latest buzzword in valuations is Adveq’s Sven Liden tells Privcap about In an era of huge data breaches at top “calibration,” and whether or not PE recent research by the London Business corporations, how carefully must PE CFOs know it, many of them are al- School, examining what influences firms guard their portfolio and investor ready doing it, say experts from Mc- pension fund allocations have on PE. data? The answer: very carefully, say Gladrey, EIF, and W Capital Partners. experts from Gen II Fund Services, Mat- linPatterson, and Castle Harlan. Caspian’s Dedication to Co-invest- How Data is Changing Private Top Tips for Co-investors ment Equity Being an excellent co-investment There has been a large appetite for Rick Kushel of iLevel discusses the partner means doing your homework, co-investment in the past year, says platform and its implications for GP-LP saying “no” quickly, and being Nitin Gupta of Caspian Private Equity. relationships. credible in front of a seller, say He talks about how a dedicated co-in- panelists from Cohesive Capital vestment fund works, investment di- Partners and Neuberger Berman. versification, and why outreach is key. About Privcap Special Reports Privcap Special Reports are exclusively for subscribers to Privcap, the definitive channel for thought leadership in private capital. Each month Privcap focuses on a critical theme and produces a “bundle” of thought-leadership content in multiple formats—a digital report, video interviews and panel discussions, and audio programs. We capture the market intelligence of leading authorities, whose expertise forms the core of each report. Privcap Special Reports help market participants better understand opportunities and practices in private capital, as well as gain deep insights into the people with whom they may become long-term investment partners. Privcap Special Report • Energy | Q2 2014 / 2 On Privcap.c0m Videos in This Report This special report includes the following new video programs. Watch them at Privcap.com Western Exposure—TriWest’s Canadian Strategy TriWest’s Cody Church explains the firm’s focus on western Canada. Cross-border investments diversify their energy portfolio. An Insurance Group Backs Energy and ESG Ferdinand Seibert of Zurich Alternative explains the attraction of backing private companies in the energy space over simply buying “a bunch of indices.” Ardian Enters Energy Vladimir Colas of Paris-based investment manager Ardian (formerly AXA Private Equity) discusses the firm’s interest in the energy sector and the importance of ESG. How EnCap Successfully Partnered with PennEnergy Daniel Revers, ArcLight Capital Partners Execs from private equity firm EnCap and portfolio company PennEnergy on how they structured a relationship to build a high-value energy platform. On Camera How Energy GPs Build Platforms A major private equity GP and the CEO of an energy portfolio company describe the COMING SOON on Privcap process of staging capital in an upstream energy deal. Pioneering PE in Vietnam Technological Advances Boost PE’s Energy Interest Mekong Capital’s Chris Ovel on PE’s in- Experts from ArcLight, Trilantic, and Pine Brook on how the energy opportunity for roads in Vietnam, selecting management PE has changed in the past decade and possible risks lurking ahead. teams, and their banner investment in Mobile World. Wanted: Knowledgeable Energy Operating Teams Private equity firms looking to take advantage of the North American energy oppor- MidOcean, Riverside: Operating tunity are facing a shortage of operating team talent, says an expert panel. Platforms Compared Execs from Riverside and MidOcean A Peek into Energy Investment Styles compare their approaches to deploying Panelists from ArcLight, Trilantic, and Pine Brook share stories of notable energy operating talent in their investment investments their firms have made. processes. Partners Group’s Shale Play in Mexico Partners Group backed Mexican gas pipeline company Fermaca with $750M—here’s the story. UPCOMING REPORTS Q3 ‘Exponential Growth’ in Energy Capital Needs The co-founders of Riverstone Holdings on PE’s role in the capital needs of the North Deal Flow American energy opportunity, technology, and the fracking controversy. Q4 PE Fights MLPs in Midstream Opportunity Performance & Portfolio Investment options in the midstream energy sector have grown, say Riverstone’s Compensation & Careers co-founders. They explain how PE can compete with MLPs in the space. The Story of Riverstone Riverstone began after founders Pierre Lapeyre and David Leuschen met at Goldman Sachs. They opted to focus the firm more on energy, less on PE. Privcap Special Report • Energy | Q2 2014 / 3 PRIVCAP SPECIAL REPORTS In This Issue Commentary 05 Privcap CEO David Snow on how private equity is transforming the oil and gas landscape, while the amount of capital required is in to access Privcap’s turn impacting on PE. CLICK 46-slide presentation about the PE The Energy Bonanza HERE energy opportunity 07 Experts from Trilantic, ArcLight, and Pine Brook on the bounty of opportunity for PE in the energy sector, regulatory risks, and a management team shortage. The North American Energy Opportunity Betting on North American Energy 10 The co-founders of Riverstone talk about the firm’s beginnings, changes in energy, and the controversy about fracking. The North American Energy Revolution 14 A closer look at the shifting dynamics of the booming oil and gas sector. By David Haarmeyer. Drilling Down into Energy Partnerships 15 Leaders from shale development company PennEnergy Resources and its backer EnCap Investments on how they’ve partnered to build a business. Ardian’s Secondary Exposure PRIVCAP 18 After a start in primary energy investing, Vladimir Colas of Par- SPECIAL REPORTS is-based LP Ardian explains the firm’s shift to secondaries. By Privcap Media Ainslie Chandler. David Snow Co-founder and CEO Gill Torren Co-founder and President Matthew Malone Editorial Director Improving Performance With PE Know-how Content 19 Using the PE tool kit to add value to energy companies is a focus Ainslie Chandler Managing Editor for Zurich Alternative, says the firm’s Ferdinand Seibert. By Ainslie Andrea Heisinger Associate Editor Chandler. Kathleen O’Donnell Production Manager Cameron Faulkner Media Coordinator Western Canada Focus, Cross-border Opportunity Design 20 TriWest Capital shies away from oil and gas exploration to focus on Cecilia Salama Design Coordinator companies servicing the sector in Canada and the U.S.A., says the Contacts firm’s Cody Church. Editorial David Snow / Tapping Mexico’s Gas Opportunity [email protected] / 646.233.4558 21 Executives from Partners Group and Fermaca discuss Mexico’s oil Matthew Malone / and gas market. [email protected] / 203.554.7261 Sponsorships & Sales From the Archives Gill Torren / 25 Related content from Privcap.com [email protected] / 646.233.4559 For subscriptions, please call 855-PRIVCAP From Our Sponsors or email [email protected] Thought leadership from our sponsor: Copyright © 2014 by Privcap LLC McGladrey Interviews in this report have been edited for length and clarity. Privcap Special Report • Energy | Q2 2014 / A Energy / Commentary U.S. Energy Needs More Private Equity Private equity is transforming the oil and gas landscape. Meanwhile, capital-intensive energy investing is transforming private equity. he best way to get the attention of a that will transform the U.S.A. into Saudi Ameri- private equity investor is by saying, ca and, in the process, turn their firms into a new “Ultra-long-term investment play breed of Wall Street giants. that requires truckloads of patient Rising enthusiasm for North American energy capital.” investing is evident everywhere. At Harvard Busi- Not surprisingly, the U.S. energy ness School’s most recent private equity confer- opportunity has private equity players’ full ence, both of the keynote speakers declared that Market attention. U.S. energy was the top investment opportuni- Analysis by TPitched the right way, the “shale revolution” ty for their respective firms. After his speech, The Privcap CEO and the global private equity market seem a per- Carlyle Group co-founder David Rubenstein was David Snow fect match. On the capital side of the marriage unequivocal in his assessment that U.S. oil and are huge institutional investors around the world gas was the investment play of the next decade. looking for places other than the debt market to Carlyle also happens to be raising a reported $7B park their money. The North American shale play for energy funds. appeals for many reasons, chief among them a The other Harvard conference keynote, Black- sense of controlled risk mixed with actuarially stone’s global head of private equity, Joe Baratta, pleasing potential returns. said that energy looms largest as an investment On the execution side stands private equity, play. For its part, Blackstone raised a $2.5B energy an industry adept at raising and managing huge fund in 2012 and further raised its profile with a amounts of money for long periods. These gener- $2B investment in a Louisiana natural gas export al partners see an opportunity to become the fi- business called Cheniere Energy. nancial managers of a long-term industrial project Another megafirm, Warburg Pincus, is raising a separate $2.5B energy vehicle, despite years of insisting that the one-big-fund model was best. Perhaps the firm found that LP interest in energy “Energy loves capital, and capital loves was so substantial that merely folding this huge energy.
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