IOG Capital LP has formed a $330 million oil and gas investment partnership with Fortress Investment Group. According to IOG, the partnership will “complement” a similar joint venture that the Dallas-based investment firm formed with Metalmark Capital in September 2014.
DALLAS–(BUSINESS WIRE)–IOG Capital, L.P. (“IOG” or the “Firm”) today announced the closing of its $330 million oil and gas investment partnership with funds and accounts managed by affiliates of Fortress Investment Group LLC (“Fortress”). This new partnership will complement the similarly-sized partnership established with Metalmark Capital (“Metalmark”) in September 2014.
IOG Capital is a private investment firm located in Dallas, Texas with over $700 million of deployable capital. The firm provides funding solutions to the US onshore oil and gas industry for acquisitions and development drilling through joint ventures and non-operated asset level investment.
The firm is led by Founder and Senior Managing Director, Marc Rowland, who previously served in senior executive positions with Chesapeake Energy Corporation (1993-2010) and FTS International (2010-2012). Mr. Rowland commented, “IOG’s partnership with highly regarded investment managers such as Fortress and Metalmark allow us to provide a variety of capital solutions to established operators and other working interest owners.”
About Fortress Investment Group
Fortress Investment Group LLC is a leading, highly diversified global investment firm with approximately $69.9 billion in assets under management as of March 31, 2015. Founded in 1998, Fortress manages assets on behalf of over 1,600 institutional clients and private investors worldwide across a range of private equity, credit, liquid hedge funds and traditional asset management strategies. Fortress is publicly traded on the New York Stock Exchange (NYSE: FIG). For additional information, please visit www.fortress.com.
About Metalmark Capital
Metalmark Capital is a leading private equity firm whose principals have a long track record of successful investing in targeted sectors, with particular expertise and focus in industrials, energy and healthcare. Metalmark Capital seeks to build long-term value through active and supportive partnerships with the companies and management teams in which it invests. Metalmark Capital is currently investing its latest fund with $2.5 billion. More information is available at www.metalmarkcapital.com.
About IOG Capital
IOG Capital, L.P. is a private investment firm founded in 2014 by former Chesapeake Energy Corporation (NYSE: CHK) Chief Financial Officer, Marc Rowland. Mr. Rowland was joined by Noam Berk previously of Deutsche Bank and Charlie Shufeldt previously of HBK Capital Management. The firm seeks to deploy funds in development-oriented oil and gas projects that have capital requirements between $25mm and $250mm+ through joint ventures and direct asset investment. For additional information, please visit www.iogcapital.com.