Black Bay Energy Capital has held the final closing of its inaugural private equity fund, Black Bay Energy, with total commitments of USD224 million, exceeding its USD200 million target.
Black Bay’s investors include endowments, foundations, private pensions, fund of funds and family offices. Black Bay invests in companies led by talented entrepreneurs offering proven, next-generation products and services that help improve the economics, efficiency and safety of oilfield operations. Black Bay focuses on investments requiring up to USD30 million of equity capital.
“We are incredibly thankful and humbled to be partnered with such a knowledgeable and supportive group of investors in the Fund,” says Michael LeBourgeois, Managing Partner at Black Bay. “The Black Bay team is dedicated to being a true strategic partner to our portfolio company management teams, utilising our deep industry relationships and experience to help create value for all stakeholders.”
“With the final closing of the Fund, Black Bay is excited to be solely focused on partnering with experienced management teams building best-in-class oilfield service and equipment companies,” says Guy Cook, Partner at Black Bay.
Tom Ambrose, Partner at Black Bay, adds: “Black Bay has already invested with six management teams; these companies are experiencing rapid growth because their product and service offerings improve the efficiency and cost-profile of oil & gas producers’ operations.”
Other founding members of the Black Bay team include Matt Schovee, Senior Associate, and Julie Isacks, Chief Financial Officer.
Probitas Partners served as Black Bay’s exclusive placement agent and Gibson Dunn & Crutcher, LLP served as legal counsel.
