HOUSTON (WO) — Carnelian Energy Capital Management, L.P. has closed its Canada-focused Carnelian Acquisition and Development fund (CAD) at the hard cap of $600 million in limited partner commitments. The single-closing fund was oversubscribed, reflecting continued investor interest in upstream opportunities north of the border.
“We are immensely grateful for the strong support and trust of our investors as we close this unique vehicle focused on scaled and opportunistic energy investments in Canada,” said Tomas Ackerman, Carnelian Partner. “We have been long-time investors in the Canadian market and are looking forward to continuing our successful track record of sponsorship and value creation. We are honored to partner with Dustin Hoffman and Dan van Kessel and the entire Refraction Energy team as our anchor partners in CAD.”
Founded in 2015, Houston-based Carnelian manages a family of private equity funds targeting North American energy investments. The firm has raised about $4.6 billion since inception and formed partnerships with 39 portfolio companies.
“The Canadian upstream space provides highly compelling investment opportunities. Capital scarcity combined with plentiful and economic development inventory underpin a favorable risk-reward balance for CAD,” said Dillon MacDonald, Carnelian Managing Director. “We are excited about the opportunity set ahead of us and look forward to utilizing our proven strategies to continue creating value for our investors.”
