Double Eagle Targeting ‘Very Large’ Permian Acquisitions with $1.7B PE Commitment

Double Eagle Energy has secured private equity (PE) funding of $1.7 billion-plus to pursue upstream opportunities in the Permian Basin through two new entities.

In partnership with EnCap Investments LP, Double Eagle has formed Double Eagle Energy Holdings IV LLC and Tumbleweed Royalty IV LLC. The plan is for Double Eagle IV to invest in Permian oil and gas properties, while Tumbleweed IV would focus on royalty and mineral investments across the play. 

In addition to the funding from EnCap, the new entities have received minority investments from Apollo Global Management Inc., Magnetar Capital and other institutional investors, Double Eagle and EnCap said.

Double Eagle co-CEOs John Sellers and Cody Campbell merged a previous company, Double Eagle Energy Holdings III LLC, with...