Private Equity Stakeholder Project February 2 020 FOSSIL FUEL INVESTMENTS – LARGEST PRIVATE EQUITY MANAGERS ASSET MANAGERS COVERED DIVERSIFIED PRIVATE FUNDS MANAGERS • Blackstone Group • Apollo Global Management • Carlyle Group • KKR & Co • Ares Management • Oaktree Capital (part of Brookfield Asset Management) • TPG Capital • CVC Capital • Warburg Pincus PRIVATE INFRASTRUCTURE MANAGERS The following data is a survey of fossil fuel • Macquarie Infrastructure & Real Assets • Brookfield Asset Management investments, including upstream, midstream, • Global Infrastructure Partners and downstream investments as well as fossil • IFM Investors • Stonepeak Partners fuel-fired power generation by the largest • iSquared Capital private equity, private infrastructure, and ENERGY-FOCUSED PRIVATE EQUITY MANAGERS energy-focused private equity managers by • Kayne Anderson Capital Partners • Riverstone Holdings assets under management. While there are • Encap Investments many other private asset managers that invest • Energy Capital Partners • ArcLight Capital Partners in fossil fuels, the below asset managers • NGP Energy Capital Management represent some of the largest. (owned by Carlyle Group) • Quantum Energy Partners Note: As private equity investments are often not disclosed publicly, the data inevitably contains errors or companies that have been exited. The data was gathered primarily using Pitchbook. 1 Contact: Jim Baker, 312-933-0230 [email protected] Equity Jim Baker Stakeholder [email protected] Project 312.933.0230 Asset Manager: Blackstone Group AUM: $571 billion Company Type Description Acquired Location(s) Tallgrass operates and has participating interests in some of the more strategically important Tallgrass Energy Midstream Mar-20 US midstream assets in the Bakken and Rockies (the REX and Pony Express lines, for example) Pipeline assets located in the Targa Badlands Midstream Bakken and Three Forks Shale Feb-19 North Dakota regions Operator and developer of Middle East and Zarou Upstream renewable energy, oil and gas Oct-18 North Africa (MENA) midstream, water Designer and manufacturer of Ulterra Drilling Technologies Services Oct-18 Texas oilfield equipment. Operator of an energy Norwegian Mime Petroleum Upstream Jan-18 exploration company Continental Shelf Operator of an approximately 700 mile pipeline designed to Marcellus and Utica Rover Pipeline Midstream Oct-17 transport 3.25 billion cubic feet of Shale natural gas per day. Provider of midstream energy EagleClaw Midstream Ventures Midstream Sep-18 Permian Basin (TX) services. Operator of oil and natural gas Haynesville Basin of Vine Resources (Vine Oil & Gas) Upstream exploration and production Apr-17 Northwest Louisiana company. Western Eagle Ford Gavilan Resources Upstream Oil and gas production assets Mar-17 (South Texas) Lightstone Generation - Midwest Power Plants Power (2 natural gas, 1 coal fired power plant) (w/ Power generation Jan-17 Ohio, Indiana generation ArcLight Capital) Explorer of crude oil and natural Siccar Point Energy Upstream Jan-14 United Kingdom gas. Delaware Basin (West Jetta Permian Upstream Explorer of oil and gas. Aug-16 Texas, Southern NM) Operator of oil and natural gas Huntley & Huntley Upstream exploration and production Apr-16 Pennsylvania company. Operator of a shale development Guidon Energy Upstream Apr-16 Midland Basin company focused Operator of an energy company Cold Lake region, Osum Oil Sands Corp Upstream engaged in Canadian oil sands Aug-14 Canada development. 2 Contact: Jim Baker, 312-933-0230 [email protected] exploration and production company focused on exploring, developing, acquiring and Beacon Offshore Energy Upstream Jan-16 Gulf of Mexico operating upstream oil and gas properties in the deepwater Gulf of Mexico Energy Owner and operator of an electric GridLiance Mar-15 US transmission transmission company Infrastructure development Black Rhino Midstream Jul-14 Africa company focused on Africa Provider of oil and gas exploration and production FourPoint Energy Upstream Jun-14 Texas services intended to develop oil and natural gas assets. Sabine Pass Liquefaction Project (Cheniere A Liquefied Natural Gas (LNG) Downstream May-12 Louisiana Energy) plant located in Louisiana Investor in energy and Fisterra Energy Midstream infrastructure operations with an Jan-13 Europe emphasis on oil and gas. Provider of a platform for oil and LLOG Exploration Upstream Nov-12 Gulf of Mexico gas exploration and production Owner and developer of oil and Alta Energy Partners Upstream Apr-11 Texas gas assets in North America. Provider of oil and gas exploration and production Kosmos Energy Upstream company focused on frontier and Jun-08 West Africa emerging areas along the Atlantic Margin. Power Owner and operator of electric Sithe Global Power Oct-05 Global generation generation facilities. 3 Contact: Jim Baker, 312-933-0230 [email protected] Asset Manager: Apollo Global Management AUM: $331 billion Company Type Description Acquired Location(s) Manufacturer of industrial parts and components for oil & gas, SPX Flow Power and Energy Business Equipment Nov-19 US nuclear and other conventional power industries. Clearway Energy Inc, formerly NRG Yield Inc is an electric utility company that owns, operates, Power and acquires contracted Clearway Energy Mar-19 US generation renewable and conventional energy generation and thermal infrastructure assets across the U.S. Power About 20 investments in GE Energy Financial Services/ Investment generation, renewable energy and other U.S. Oct-18 US portfolio midstream power assets The company focuses on acquisition and development of Freestone Midstream Services Aug-18 Powder River Basin water assets serving the oil and gas industry Owner and operator of oil and gas Double Eagle Energy Upstream Feb-18 Permian Basin properties. Spartan Energy Acquisition Upstream Blank check company Jan-18 Owner and operator of oil and gas Northwoods Energy Upstream Jan-18 Powder River Basin assets in the United States. The company explores and Chisholm Oil & Gas Upstream develops oil and gas properties in Mar-17 Oklahoma Oklahoma. Operator of an exploration and Eastern US (Utica and American Petroleum Partners Upstream Sep-15 production company. Marcellus shales) Portfolio of energy production Resource Energy Partners Upstream assets in Williston Basin, North Jan-15 North Dakota Dakota. Provider of rental equipment and Express Energy Services Services support services to the oil and gas Nov-14 industry. Owner of oil and gas exploration Jupiter Resources Upstream Sep-14 Canada and production company 4 Contact: Jim Baker, 312-933-0230 [email protected] 18,300 acres of energy Energy & Exploration Partners Upstream exploration located in Houston Jul-14 Texas and Madison Counties, Texas. Caelus Energy Upstream Explorer of oil and gas in Alaska. Apr-14 Alaska Provider of coal, iron ore and NRI Management Group Mining other bulk minerals mining Jan-13 services. Exploration and production company engaged in the EP Energy Global Upstream acquisition and development of May-12 US unconventional onshore oil and natural gas properties. The company engages in the exploration, development and Talos Energy (NYS: TALO) Upstream Apr-12 Gulf of Mexico production of oil and natural gas properties. Acquirer and developer of oil and Oklahoma, Arkansas, Zenergy Upstream Jun-04 natural gas properties. Louisiana and Texas 5 Contact: Jim Baker, 312-933-0230 [email protected] Asset Manager: Carlyle Group AUM: $224 billion Company Type Description Acquired Location(s) Operator of a Spanish energy company engaged in the Compañía Española de Petróleos (CEPSA) Downstream Oct-19 Spain exploration and production of crude oil. Owns natural gas gathering, processing, and transmission assets including transmission and Permian Basin of Altus Midstream Midstream gathering pipelines, compressor Jun-19 West Texas stations, mechanical refrigeration units, cryogenic units and associated gas treatment facilities Provider of laboratory services intended to deliver scientific Stratum Reservoir Services insights about the rocks and Apr-19 fluids prevalent in all natural resources. A portfolio of three natural gas- Emera New England Gas-Fired Generation Power fired power generation facilities Mar-19 New England Facilities generation in New England Provider of crude oil California, Louisiana, Crimson Midstream Midstream transportation and storage Jan-19 and offshore Gulf of services Mexico. EnerMech Group Ltd. Services Dec-18 Europe Developer of a crude oil export Lone Star Ports Midstream Oct-18 Texas terminal. San Pedro area of Diamondback Energy and Carlyle (Joint Upstream Developer of oil and gas assets Sep-18 Pecos County, Texas Venture) (Permian Basin) The company is primarily engaged in the production and COG Energy Upstream exploration of light and medium- Dec-17 Colombia light oil from various oil basins in South America. Black Stone Minerals LP is a US- Black Stone Minerals Upstream based oil and natural gas mineral Nov-17 company. Producer of oil and natural gas. Gulf Coast of Texas The company operates an oil and and Louisiana, Hilcorp Energy Upstream natural gas exploration and Jul-17 Northeast United production fields in the United States, Alaska's Cook States. Inlet and North Slope 6 Contact: Jim Baker, 312-933-0230 [email protected] A 484-megawatt power Power Elgin Energy Center generation facility located in Jul-17 Illinois generation Elgin. A portfolio of two natural