Drillcore Energy Partners is seeking $250 million for its inaugural private equity fund that will invest in upstream oil and gas in the U.S. Drillcore, led by Founder and Managing Partner Evan Turner, wants to close fundraising on Fund I in the summer. Turner formerly worked as a director and head of energy at StormHarbour Partners and was a founding member of CohnReznick Capital’s oil and gas group.
Drillcore Energy Partners, LLC (“Drillcore”, or the “Firm”), a New York-based private equity firm, today announced that it is seeking a target of $250 million (MM) for its first private equity fund “Fund I” to make value-enhancing investments in the upstream oil and gas sector located in the continental United States.
Drillcore seeks to allocate the capital raised from limited partners (“LPs”) for its pipeline of proprietary deal flow, including an inventory of pending acquisitions that have already been placed under letter of intent (“LOI”). The Firm is working with proven management teams with exceptional track records of success providing growth capital to acquire and exploit multiple onshore basins with low-risk development opportunities with existing production. The investor base for Fund I comprises state and corporate pension funds, insurance companies, sovereign wealth funds, asset managers, family offices, high net worth individuals and endowments.
Drillcore seeks to close the fundraise for its inaugural fund this summer.
Drillcore is led by Founder and Managing Partner Evan Turner, formerly a Director and Head of Energy at StormHarbour Partners and a founding member of CohnReznick Capital’s Oil & Gas Group. Prior to this, Mr. Turner worked for Canaccord Genuity, Global Data Ltd. and Horizon Well Logging. Complimenting Mr. Turner is an experienced group of senior principal investment and energy professionals with complementary skill sets and backgrounds who collectively bring more than 100 years of industry experience to our partners and investments. The team has substantial experience leading successful oil and gas companies and investments in the space. Drillcore works closely with industry veterans as both operating partners and advisors, enabling the team to optimize the portfolio’s value for its LP base.
Mr. Turner stated: “Since launching Drillcore in early 2018, we have successfully sourced a number of proprietary, negotiated transactions for our initial portfolio of investments. Our creative capital structures enable our partners to maintain control of their businesses while Drillcore facilitates long-term growth and value-creation. We look forward to working with our industry partners and our new investors to execute these investment opportunities.”
Mr. Turner added: “Drillcore has an ability to value-up assets by investing expansionary capital to management teams to acquire bolt-on acquisitions, improve operational efficiencies, and use modern, innovative technology for the re-development of existing assets that have been overlooked. In many cases, these targeted assets are positioned with stacked pay zones across their acreage position but have historically been drilled only by vertical wells. We look to fund horizontal drilling to extract greater value from the reservoirs in our investments. Drillcore fills the void in the middle-market upstream sector that are often overlooked by larger funds, by targeting investments around $75MM per deal.”
About Drillcore Energy Partners, LLC:
Drillcore is a New York-based private equity firm focused on middle-market oil and gas investment opportunities in the U.S. Drillcore has an additional presence in Houston. Drillcore seeks control equity investments and provides growth equity capital to oil and gas companies across select delineated onshore basins in partnership with disciplined and experienced management teams, with deep basin-specific expertise, to build successful businesses. We partner with skilled entrepreneurs and business leaders, providing deep technical and energy expertise, creative capital solutions, and strategic support to earn attractive risk-adjusted returns for our investor base. For more information about Drillcore, please visit www.drillcorepartners.com.
Under no circumstances does the information contained herein constitute an offer to sell or a solicitation of an offer to buy any security or interest in an investment vehicle managed by Drillcore Energy Partners. Any such offer or solicitation can only be made through a definitive private placement memorandum describing the terms and risks of an investment to sophisticated persons who meet certain qualifications under the federal securities laws and are capable of evaluating the merits and risks of the investment. Nothing presented herein is intended to constitute investment advice, and no investment decision should be made based on any information provided herein. It should not be assumed that an investment will be profitable or that the performance of any particular investment will equal its past performance. No guarantee of investment performance is being provided and no inference to the contrary should be made. There is a risk of loss from an investment in securities, including the potential loss of principal. Past performance is not indicative of future results.