Goldman Sachs to launch first energy-focused fund
Goldman Sachs plans to raise $2-3.5 billion for its first energy-focused private equity fund. The global vehicle, known as Broad Street Energy Partners, will target the oil, gas and power industries.
Investors told Bloomberg that Goldman Sachs' principal investment team will be responsible for managing the fund, with Kenneth Pontarelli, head of natural resources and a managing director in the merchant banking division, taking the lead. Pontarelli has previously played a role in several GS Capital Partners deals, including Cobalt International Energy, Kinder Morgan and the $45 billion buyout of electric utility company TXU, now known as Energy Future Holdings Corp.
Responding to investor demand as well as a desire to further differentiate their business - having already moved into areas such as real estate, hedge funds and credit funds - several private equity units have launched energy vehicles.
Barclays Capital, KKR, Apollo Global Management and The Blackstone Group are all said to be looking to raise capital at present. While KKR and Apollo are reportedly targeting $1 billion and $1.5 billion, respectively, Blackstone is seeking to raise up to $3 billion.
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