Houston-based Andros Capital Partners said Tuesday it has completed an inaugural $250 million fund to target investments across the energy sector.
The private equity firm, founded earlier this year by managing partner Phillip A. Gayle Jr., is considering “private equity investments, credit opportunities and direct asset-level investments” for the Andros Energy Capital LP fund.
Middle-market transactions of $25-200 million are being eyed, potentially with larger commitments from limited partners.
“We believe Andros is uniquely positioned as a differentiated investor in the energy sector based on our depth of hands-on operating experience and flexibility to invest across the capital structure,” said Gayle, who serves as chair of the executive and investment committees.
Gayle is a director for Samson Resources II LLC. He previously co-founded Millennial Energy Partners, an oil and gas investment firm, and formerly served as vice president of business development for Central Crude Inc.
“In all phases of the market cycle, our goal is to build sustainable businesses with strong cash flows in partnership with talented entrepreneurs and to provide capital solutions that enable both public and private energy companies to advance their strategic objectives,” Gayle said.
Spokesperson Casey Nikoloric told NGI’s Shale Daily that Andros “is looking at a number of opportunities but has not yet finalized anything.” However, the “mandate and opportunity set is broad: upstream, midstream, downstream, oilfield services, renewables.”
The focus is “primarily on domestic opportunities, with some interest in the offshore Gulf of Mexico,” Nikoloric said.
The Andros investment committee also includes Gregory A. Beard, former global head of natural resources at Apollo Global Management, and Beemok Capital’s Kurt Palmer, chief investment officer.
Partners Michael De Voe Piazza and Phillip Isom of Willkie Farr & Gallagher LLP provided legal counsel to Andros in connection with forming the fund.
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