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Five Point energy closes midstream energy fund at USD750m hard cap

Five Point Energy, a private equity firm focused exclusively on investments within the midstream and energy infrastructure sector, has closed Five Point Energy Fund II at its hard cap of USD750 million.

The fund was oversubscribed, exceeding its original target of USD650 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.
 
Capobianco says: “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.”
 
Morrow adds: “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 maximise 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.

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