Five Point Energy, a midstream and energy infrastructure-focused private equity firm, has closed its second fund at a hard cap of $750 million, beating its $650 million target. The limited partners of Five Point Energy Fund II included public pension funds, university endowments and foundations, multinational corporations, insurance companies, sovereign wealth funds, fund-of-funds and family offices. Eaton Partners was the placement agent while Hogan Lovells served as legal counsel.
HOUSTON, March 29, 2018 /PRNewswire/ — Five Point Energy (“Five Point”), formerly Five Point Capital Partners LLC, a private equity firm focused exclusively on investments within the midstream and energy infrastructure sector, today announced the final closing of Five Point Energy Fund II L.P. (the “Fund”). The Fund was oversubscribed and closed at its hard cap of $750 million, exceeding its original target of $650 million.
In deploying the Fund, Five Point will continue to leverage its direct operating approach to actively support management teams, midstream companies and E&Ps in building world-class midstream businesses. Five Point is uniquely equipped to add value as a strategic partner given the deep industry experience of its team. Led by David Capobianco, CEO and Managing Partner, and Matthew Morrow, COO and Managing Partner, Five Point’s senior leadership team includes former CEOs and industry executives who have successfully built midstream businesses themselves, offering invaluable on-the-ground experience and an expansive network of relationships.
David Capobianco said, “We are pleased with the reception of our latest fund and are grateful for the support of our returning and new limited partners. Five Point has a demonstrated track record of building industry-leading midstream franchises, in partnership with E&Ps and exceptional management teams. We will continue to execute on attractive opportunities in the midstream energy market, particularly around in-basin infrastructure and water management assets. It is our belief that the combination of near-to-intermediate term dislocation and long term growth will create a superior climate for our focused investment strategies.”
Matthew Morrow added, “Five Point offers differentiated expertise to our partners. Since our inception, we have worked collaboratively with upstream companies and outstanding management teams to build nascent businesses into established industry leaders. We are excited to continue working with our existing partners as well as new managers in the years ahead as we maximize risk-adjusted returns for our investors.”
The Fund received strong support from a diversified base of investors, including leading public pension funds, pre-eminent university endowments and foundations, multi-national corporations, insurance companies, sovereign wealth funds, fund-of-funds, and family offices. Notably, nearly all institutional LPs from the prior fund will be part of the new Fund.
Hogan Lovells served as legal counsel to Five Point Energy. Eaton Partners served as exclusive placement agent.
About Five Point Energy
Five Point Energy is a private investment firm focused on midstream energy infrastructure and energy sector investments across North America. Five Point Energy partners with leading E&P companies to build and develop midstream infrastructure to support drilling programs, as well to develop and support proven management teams through buyouts and growth capital within the midstream energy sector. Based in Houston, Texas, Five Point Energy is currently investing from Five Point Energy Fund II L.P. and manages more than $1.5 billion of capital. For further information, please visit www.fivepointcp.com.